GFSC updates AML/CFT/CPF Handbook

Posted: 21/02/2024

The Guernsey Financial Services Commission has issued an updated Handbook on Countering Financial Crime (AML/CFT/CPF) following a consultation on rules and guidance to support the extension of the existing obligations on specified businesses to countering proliferation financing. 

The updated Handbook supports changes the States of Guernsey Policy and Resources Committee has made to Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999.

The consultation also included amendments following the recent publication of the second national risk assessment on the money laundering, terrorist financing and proliferation financing risks to the bailiwick; changes to the rules on pooled bank accounts for local businesses; and changes to Chapter 12 of the Handbook on UN, UK and bailiwick sanctions, as well as other minor changes.

Rachel Gardiner_Platinum Compliance_feb23Rachel Gardiner (pictured), Head of Prescribed Roles at Newgate Compliance, commented: “The updated handbook reflects a comprehensive response to the evolving landscape of financial crime, with a specific focus on countering proliferation financing. 

“Even though we’ve been advised that our risk in Guernsey is very low, we still have to consider the risk businesses may be exposed to proliferation financing. It’s yet another factor and nuance that businesses need to account for in their risk assessment and update their policies and procedures.

"The regulator will be expecting to see that businesses have factored it into their three lines of defence and enhanced due diligence training."

The clean and tracked version of the Handbook can be accessed here

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