The Guernsey Financial Services Commission has issued proposals to amend the transitional rules in the Handbook on Countering Financial Crime and Terrorist Financing.
The proposals relate to the timeframes for firms to update their business risk assessments and policies, procedures and controls, taking into account the revised timeframe for the publication of the bailiwick’s National Risk Assessment.
There are no changes proposed to the timeframes for undertaking the review of existing business relationships.
A short memorandum and red-lined draft of Chapter 17 of the Handbook, outlining the proposed changes, are available via the following links:
• Underlying memorandum
• Chapter 17: Transitional Provisions – Proposed Changes
Comments on the proposed changes to the rules in Section 17.2 of the Handbook should be submitted to amlcft@gfsc.gg by Friday 25 October.