Guernsey Press

AML rules to be relaxed

ANTI-MONEY LAUNDERING regulations and rules are to be revised in Guernsey from the beginning of next year.

Published

ANTI-MONEY LAUNDERING regulations and rules are to be revised in Guernsey from the beginning of next year.

The Guernsey Financial Services Commission said that the recommendations, largely relaxing current practice, had been made in response to industry feedback. It expected a number of the changes would be 'of particular benefit to industry'.

Included in the changes is the removal of general insurance from the AML regulations and rules.

'The commission considers that the risk of general insurance being used for money laundering is very low and that, as a result, firms providing or advising on general insurance should not be required to meet detailed AML regulations and rules for that type of insurance,' said the GFSC.

'This reflects a more "risk-based approach" to AML issues.'

Sorry, we are not accepting comments on this article.