Regulatory Alerts2025-05-08
Feedback on Consultation Regarding Amendments to Schedule 3 on Independent Audit, Business Risk Assessments and VASPs
The Guernsey Financial Services Commission issued final rules and guidance amending Schedule 3 of the Proceeds of Crime Law to require firms to establish independent audit functions and enhance business risk assessments. The amendments mandate that firms consider risks from predicate offences identified in the National Risk Assessment and introduce specific obligations for virtual asset service providers and licensed trustees. These changes take effect immediately, with licensees expected to comply by their next annual review or board meeting in 2023.
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