Provisions for Enhanced Measures were introduced in 2019 as a consequence of a specific recommendation made by Moneyval in its 2015 report on Guernsey and by the International Monetary Fund in its assessment of Guernsey in 2010.
It is highly likely that the implementation of the Moneyval recommendation by both the GFSC and industry, will be scrutinised by Moneyval during its next evaluation of the Bailiwick in 2024.
The GFSC has observed that while there are firms which understand the requirement to apply enhanced measures, a number are not applying these measures or are not applying measures tailored to specifically address the risk factor(s) presented by the customer.
The letter provides information to firms to assist in their development and maintenance of effective anti-money laundering and countering the financing of terrorism controls.
Practices observed from onsite GFSC inspections include:
We recommend that firms consider the following actions:
Changes in relation to the PII requirements have been made to the Fiduciary Rules, the Capital Adequacy Rules, the Insurance Managers Rules and the Insurance Intermediaries Rules following feedback from recent consultation papers.
How can we best crystallise risk? Our Business Analyst and Corporate Governance Professional Jessica Regnard provides an insight into understanding and enhancing your Operational Resilience and how we can best create resilient businesses in today’s environment.
Find out how Aspida can help you with the recent changes brought in by the introduction of the Lending Credit & Finance (Bailiwick of Guernsey) Law, 2022. Our Compliance Associate Eve Bott provides us with an overview on the consultation paper.