Consultation on AML/CFT Obligations upon VASPS and Additional Obligations upon Licensed Trustees and Partners

Today a consultation paper has been issued on the proposed additional rules and guidance for virtual asset service providers (“VASPs”) and specified businesses with a connection to, or involvement with, virtual assets, on how to meet the requirements of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999 (“the POC Law”) and rules in the Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”). These rules and guidance are in a new chapter of the Handbook.

The consultation paper also seeks comments on proposed additional rules and guidance for trustees of trusts and partners (excluding limited partners) of partnerships and limited partnerships without legal personality to hold information on the identity of other regulated agents and service providers to a trust or partnership, and disclose their status as trustee or partner. These rules will apply to licensed trustees and licensed partners.

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

Responses are sought by Monday 3 July 2023.