Regulatory Alerts2020-11-23
Added · Updated
Guidance Note on Financial Crime Visit Trends and Observations (June 2014)
The Guernsey Financial Services Commission issued this guidance to outline regulatory expectations for financial crime compliance based on onsite visit trends observed between January 2012 and March 2014. It requires licensed businesses to establish robust corporate governance, conduct dynamic business and customer risk assessments, and implement proportionate due diligence and monitoring procedures. The document further mandates that Money Laundering Reporting Officers maintain independence and adequate resources, while boards must actively oversee compliance arrangements and promptly report material regulatory failures to the Commission.
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