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ARTICLE · 24 JULY 2023

New Independent Compliance Audit Requirement In Guernsey

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The Guernsey Financial Services Commission ("GFSC") updated its Handbook on Countering Financial Crime and Terrorist Financing (the "Handbook") in early July 2023.

GuernseyFinance and Banking
Matt Sanders
Matt Sanders
Chris Hutley-Hurst
Chris Hutley-Hurst
Rupert Morris
Rupert Morris
David Cooney
David Cooney
Jamie Bookless
Jamie Bookless
Jarrad Knoetze
Jarrad Knoetze
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The Guernsey Financial Services Commission ("GFSC") updated its Handbook on Countering Financial Crime and Terrorist Financing (the "Handbook") in early July 2023 and the updates included a new requirement for a "specified business" to establish and maintain an independent compliance audit function. To read more about the further changes to the Handbook, read our briefing.

What businesses does the compliance audit requirement relate to?

The new compliance audit requirement applies to all "specified businesses", being either a "financial services business" such as a business that is licensed under any of Guernsey's regulatory laws, or a "prescribed business" such as estate agents and, in relation to certain activities, lawyers and accountants.

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