Updated Deadlines For Guernsey CFT Assessment And Policy Reviews

Under Guernsey Financial Services Commission's (GFSC) revised Handbook on Countering Financial Crime and Terrorist Financing (the Handbook), which took effect on 31 March 2019, firms were required to take account of the conclusions of Guernsey's (yet to be published) National Risk Assessment (NRA) in undertaking their business risk assessments (BRAs) and reviewing their AML/CFT policies, procedures and controls.

Transitional provisions included in the revised regime allowed firms four months from the date of the NRA's publication – which was previously expected in October – to review their BRAs, and three months thereafter to approve revisions to their policies, procedures and controls.