Commission releases Financial Crime Guidance Note – Visit Trends and Observations

The Financial Crime Supervision & Policy Division has prepared a Guidance Note (“Note”) following analysis of both the results of onsite visits undertaken by the Commission since 2012 and trends identified from financial crime assessments undertaken at local and international level.

This Note is intended to further assist businesses in understanding the Commission’s expectations in relation to their compliance with the requirements of the Regulations and the rules in the Handbooks.   

The trends and observations identified in this Note are in addition to those matters identified in the “Dear CEO” letter issued by the Commission on 27 May 2014, and the Instruction issued to licensed fiduciary businesses on 28 May 2014.  Reference should therefore be made to these documents, along with any FAQs, additional Instructions and other information provided by the Commission about financial crime on its website.

The Commission will consider the practices listed in this Note during on-site visits and will also be considering these as part of the current review and amendment of the Handbooks being undertaken by the joint Commission and industry working group.

Please click here to view the Guidance Note.