Update on Revisions to Money Laundering and Terrorist Financing Business Risk Assessments and Policies, Procedures and Controls

The Commission has today issued proposals to amend the transitional rules in the Handbook on Countering Financial Crime and Terrorist Financing regarding the timeframes for firms to update their Business Risk Assessments and Policies, Procedures and Controls, which take into account the revised timeframe for the publication of the Bailiwick’s National Risk Assessment. There are no changes proposed to the timeframes for undertaking the review of existing business relationships.

A short memorandum and redlined draft of Chapter 17 of the Handbook outline the proposed changes.  These documents are available via the following links:

Underlying Memorandum

Chapter 17. Transitional Provisions - Proposed Changes

Please submit any comments on the proposed changes to the rules in Section 17.2 of the Handbook to [email protected] by no later than Friday 25 October 2019.