The New Handbook

By: GIFA , Saturday, February 9, 2019

The summary below is provided by KPMG in its recent release entitled – The countdown begins…New GFSC Guernsey Handbook. Further details can be found here. Releases on the Handbook have also been made by other entities such as Ogier.

On 12 November 2018, the GFSC issued the new Handbook on Countering Financial Crime and Terrorist Financing (the “Handbook”), to assist firms comply with the Bailiwick’s legislation concerning money laundering, terrorist financing, financial crime and related offences.The new Handbook is effective 31 March 2019 and applies to all ‘specified businesses’, including financial services businesses and prescribed businesses.As part of the changes introduced by the new Handbook, the GFSC has set the following key deadlines for organisations:

  • March/April 2019: Money Laundering Compliance Officer (‘MLCO’) appointed by 31 March 2019 and Commission advised by 14 April 2019
  • May 2019: Nominated firm for Collective Investment Scheme Investor CDD to notify the Commission by 31 May 2019
  • July 2019:J Business Risk Assessment (‘BRA’), which addresses both the money laundering and terrorist financing risks of the entity, reviewed & approved by Board by 31 July 2019*
  • October 2019: Policies, procedures and controls reviewed and approved by 31 October 2019*
  • December 2020: All high risk existing customers reviewed by 31 December 2020
  • December 2021: All other customers reviewed by 31 December 2021

*Dates may be subject to change, as deadlines are +4 and +7 months respectively from the date of the National Risk Assessment’s publication, if later than 31 March 2019. In this regard, please refer to the email issued by GIFA to Members on 8th February 2019, the contents of which can also be found here.

Paul Smith, Chair of GIFA said, “I am sure Members are reviewing their procedures and processes to align their operations with the new Handbook. It is important that industry participants meet the deadlines set.” He added, “GIFA worked hard to ensure that its Members’ views were taken into account during the consultation process for the new Handbook, and the updates  will ensure Guernsey’s position as a respected global finance centre is maintained in order to secure its future as a location of choice for fund business.”

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