Electronic Verification In The Face Of Isolation

In the last few weeks, we have received a number of urgent instructions as a result of the unprecedented impact of the coronavirus (COVID-19) situation.

These instructions range from:

• heightened risks facing Guernsey directors that a company's solvency may be brought into question and the risks that presents;
• compliance with substance requirements during the 'Lockdown' period imposed by the States of Guernsey (the Lockdown) (as well as all neighbouring jurisdictions); and
• Guernsey licensees' anti-money laundering (AML) and counter financing of terrorism (CFT) obligations.

This article focuses on the final commonly sought after piece of advice.

Guernsey firms will be acutely aware of the recent changes to Guernsey regulatory framework as imposed by the new Handbook on Countering Financial Crime and Terrorist Financing (the Handbook) and the revised legislation (the new Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey)