The Commission has today amended Appendix C to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing.
The Commission has added Hungary and Slovenia to the list of countries or territories whose regulated financial services businesses may be treated as if they were local financial services businesses or local prescribed businesses. This 'local' designation enables firms operating in the Bailiwick’s financial services sector to rely on an introducing financial services business who is appropriately regulated in a jurisdiction on that list to have verified the identity of the customer. It also allows Bailiwick firms providing certain defined products and services in situations where the firm has assessed the risks as low, to treat an intermediary who is a regulated financial services from a jurisdiction on the list as its customer. The Commission has also taken the opportunity to include in the list hyperlinks to the relevant FATF or MONEYVAL profile page for each country and territory on the list to assist firms in their consideration of risks arising from business emanating from those countries and territories.
The existing pages of the Handbooks have been replaced and updated versions can be found below: