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:
How can we best crystalise 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 todays environment.
Over the past couple of years, we have seen a shift in business culture with more focus on core operations and the services they can …
Over the past couple of years we have seen the shift in business culture of more focus on core operations and the services they best …