Regulatory Alerts2020-11-23
Financial Services Businesses Instruction (Number 14) Business from Sensitive Sources - Iran
The Guernsey Financial Services Commission issued Instruction Number 14 under the Criminal Justice (Proceeds of Crime) Law to address urgent money laundering and terrorist financing risks from Iran. This directive requires financial services businesses to immediately report any business relationships or transactions involving Iranian banks, their branches, subsidiaries, or the Central Bank of Iran. The instruction follows renewed calls from the Financial Action Task Force and coordinated actions by HM Treasury to protect the integrity of the international financial system.
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