The Commission has today issued its report on the thematic review of source of funds / source of wealth in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019. A copy of the thematic review can be found by clicking here.
Whilst the review focused on sectors identified in Bailiwick of Guernsey’s National Risk Assessment as being most exposed to the threat of laundering illicit funds, it is anticipated that the report will be useful to all regulated firms within the Bailiwick when seeking to assure themselves that their own controls are, and remain, effective and relevant to their business. The Commission would encourage all firms to apply a risk-based approach to establishing source of funds and source of wealth which is calibrated to take account of risk factors associated with the customer, the customer’s economic activity, country connections and what and how the firm’s products and services are delivered.