Regulatory Alerts2017-12-05
Instruction Number 04/2017 for Prescribed Businesses: Business from Sensitive Sources
The Guernsey Financial Services Commission issued Instruction 04/2017 to mandate enhanced due diligence and counter-measures for prescribed businesses engaging with jurisdictions identified by the FATF as having strategic AML/CFT deficiencies. The directive specifically requires heightened scrutiny and risk mitigation for business involving the Democratic People's Republic of Korea and Iran, while also addressing ongoing compliance processes for countries such as Bosnia and Herzegovina, Ethiopia, and Iraq. Additionally, the instruction imposes greater caution and enhanced client due diligence on relationships with Haiti, Venezuela, and Central and West Africa due to regional concerns regarding corruption, drug trafficking, and terrorist financing.