Guernsey Regulator Updates AML/CFT Handbook

Introduction

The Guernsey Financial Services Commission ("GFSC") has updated its Handbook on Countering Financial Crime and Terrorist Financing (the "Handbook") to cover virtual asset service providers ("VASPs") and other licensees regulated under the new Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the "LCFL").

The update also adds the requirement to establish an independent audit compliance function, and includes provisions for the transparency and beneficial ownership of legal arrangements, such as trusts and limited partnerships with no legal personality, in each case to reflect changes to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999, as amended ("POCL") that apply from 8 July 2023.