AML/CFT Handbooks Review
24th March 2015In 2014, the Commission commenced a review of the two Handbooks which provide the legal and regulatory framework for the financial services businesses and prescribed business sector on measures to address Anti Money Laundering and Combating the Financing of Terrorism. The Commission wanted to adopt a collaborative approach to the review and formed a joint working party with representatives of industry. Good early progress was made.
The principal objectives of the review are to bring the requirements of the two Handbooks up to date with the FATF 2012 Recommendations and condense them, if possible, into a single version which is easier to understand and apply.
The review had to be temporarily put on hold in the months leading up to the visit of MONEYVAL to enable the necessary and quite extensive preparations to be made. That visit took place between the 6th to 10th October. MONEYVAL’s assessment of the Bailiwick was originally due to be published after its April plenary but it is now scheduled for discussion at MONEYVAL’s September plenary.
It had been the Commission’s intention to commence a consultation process during the first half of 2015 on the proposed contents of the new Handbook as part of a wider engagement with industry practitioners. However, the change to MONEYVAL’s schedule for considering Guernsey’s report has had an impact on the timescale for consulting upon and completing the new AML/CFT Handbook as aspects of MONEYVAL’s conclusions and recommendations may need to be reflected in the Handbook. The Commission will make a further announcement in September on when it anticipates being in a position to recommence the detailed work and consultation process.
In the meantime, the Commission is now developing draft guidance in the areas of electronic identification, electronic certification and digital signatures as these are matters of importance to industry, facilitating more efficient practices and contributing to the streamlining of costs. Although this guidance will, ultimately, also form part of the revised Handbook, the Commission has concluded that it should press ahead with this narrower piece of work to offer early clarity to industry as the technologies rapidly mature. The Commission anticipates being able to issue a consultation paper in May or June on the draft guidance covering electronic identification, electronic certification and digital signatures.
The principal objectives of the review are to bring the requirements of the two Handbooks up to date with the FATF 2012 Recommendations and condense them, if possible, into a single version which is easier to understand and apply.
The review had to be temporarily put on hold in the months leading up to the visit of MONEYVAL to enable the necessary and quite extensive preparations to be made. That visit took place between the 6th to 10th October. MONEYVAL’s assessment of the Bailiwick was originally due to be published after its April plenary but it is now scheduled for discussion at MONEYVAL’s September plenary.
It had been the Commission’s intention to commence a consultation process during the first half of 2015 on the proposed contents of the new Handbook as part of a wider engagement with industry practitioners. However, the change to MONEYVAL’s schedule for considering Guernsey’s report has had an impact on the timescale for consulting upon and completing the new AML/CFT Handbook as aspects of MONEYVAL’s conclusions and recommendations may need to be reflected in the Handbook. The Commission will make a further announcement in September on when it anticipates being in a position to recommence the detailed work and consultation process.
In the meantime, the Commission is now developing draft guidance in the areas of electronic identification, electronic certification and digital signatures as these are matters of importance to industry, facilitating more efficient practices and contributing to the streamlining of costs. Although this guidance will, ultimately, also form part of the revised Handbook, the Commission has concluded that it should press ahead with this narrower piece of work to offer early clarity to industry as the technologies rapidly mature. The Commission anticipates being able to issue a consultation paper in May or June on the draft guidance covering electronic identification, electronic certification and digital signatures.