Consultation on Amendments to Schedule 3 to the Law regarding Independent Audit, Business Risk Assessments and VASPs

Today a consultation paper has been issued on proposed amendments to Paragraphs 3 and 15 of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended (“Schedule 3 to the Law”) and associated rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing in relation to an independent audit function and on business risk assessments.

The consultation also includes further development of the regulatory framework for virtual assets service providers proposed in a draft ordinance to the Law which will provide for the information requirements for virtual asset transfers, the introduction of a £1,000 threshold on virtual asset transactions over which customer due diligence will be required and extension of the definitions of “funds” and “property” to specifically include virtual assets.

The consultation paper and associated draft legislation and Handbook changes can be found on the Commission’s Consultation Hub.

Responses are sought by 25 April 2023.