Statement on Anti-Money Laundering Standards for Existing Customers
30th June 2004
Press Release - Anti-Money Laundering Standards for Existing Customers
30 June 2004
Following the issue of revised Recommendations by the Financial Action Task Force in 2003, the Commission has issued a statement on anti-money laundering standards for existing customers (available here as a PDF document). The statement requires financial services businesses to assess the risk of each business relationship and to make sure they have customer due diligence information appropriate to the level of risk. Financial services businesses may consider simplified or reduced information to be sufficient for low risk business and lower risk customers (for example, locally resident retail customers who have a relationship which is understood by the financial services business).
Peter Neville, Director General, said:
"The Commission has worked with the Guernsey Joint Money Laundering Steering Group, which contains representatives from across the finance sector, in developing this new statement. The statement extends the existing flexibility provided by the Commission's Guidance Notes on the Prevention of Money Laundering and emphasises that unnecessary demands on lower risk customers should be avoided."
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ANTI-MONEY LAUNDERING STANDARDS FOR EXISTING CUSTOMERS--------------------------------------------------------------------------------
Contact:
Richard Walker
Deputy Director (Policy and International Affairs)
Guernsey Financial Services Commission
La Plaiderie Chambers
La Plaiderie
St Peter Port
Guernsey
Tel. + 44 1481 712706
Fax. + 44 1481 712010
Email: [email protected]