Regulatory Alerts2022-11-16
Guernsey Financial Services Commission Handbook on Countering Financial Crime and Terrorist Financing
The Guernsey Financial Services Commission issued this Handbook to establish mandatory standards for specified businesses to prevent money laundering and terrorist financing in compliance with FATF recommendations. It requires firms to implement a risk-based approach encompassing corporate governance, customer due diligence, beneficial ownership transparency, and ongoing transaction monitoring. The document outlines legal obligations for reporting suspicions, maintaining records, and adhering to sanctions, while defining enforcement powers and consequences for significant regulatory failures.
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