GFSC Recognises Use Of Technology In Due Diligence Process

The Guernsey Financial Services Commission (GFSC) has issued annexes to its handbooks for Financial Services Businesses and Prescribed Businesses on Countering Financial Crime and Terrorist Financing on the use of technology in the customer due diligence process.

The changes which have been made to the rules and guidance provide for the use of technologies such as digital signatures and electronic verification in the client take-on process and when due diligence documentation has to be updated, including where this technology is delivered through the internet or by tablet and smartphone applications.

Dominique Carpentier, Director at KYCme (Guernsey) Limited, said the changes represented an opportunity for Guernsey to become a recognised leader in the implementation of 'regulatory fintech' to improve efficiencies in dealing with global regulatory client identification requirements. KYCme is a secure online storage solution that allows for authenticating