On 12th November, the Guernsey FSC published this Handbook which is said to be intended to  assist firms in complying with the requirements of the relevant legislation concerning money laundering and the financing of terrorism, financial crime and related offences to prevent the Bailiwick’s financial system and operations from being abused.  In doing so, it lays out the legislation involved and the requirements laid on specified businesses.  It includes material on corporate governance and the GFSC Code, customer due diligence and enhanced and simplified due diligence, introduced business, UN/EU and other sanctions measures, employee screening and training, record-keeping etc.  One appendix contains a list of domestic PEP in Guernsey.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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