Thursday, November 22, 2012
The Guernsey Financial Services Commission has announced that it is preparing revisions to the regulations and rules governing anti-money laundering (AML) standards for financial services businesses and for prescribed businesses (firms of lawyers, accountants and estate agents) in the island following a number of recent on-site inspections and comments received from the industry.
Amendments are to include:
The Commission said the revisions would be issued early in the New Year, and confirmed that firms would be allowed a transitional period to amend their policies, procedures and controls before the changes come into effect. In some areas no transitional period is needed, such as the removal of general insurance from the detailed requirements for firms.
Richard Walker, Director of Policy and International Affairs said: “It is crucial that Guernsey’s work in preventing the products and services we offer from being used by money launderers is focused as much as possible, and industry’s efforts put to the best effect possible. The current AML framework has been in place for several years. The experience of both the Commission and industry with it is enabling us to take the positive steps of revising the framework and enhancing its focus.”