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Guernsey Due Diligence Consultation Ends

by Jason Gorringe, Lowtax.net, London
02 September, 2015

The Guernsey Financial Services Commission has begun reviewing feedback received as part of a consultation on modernizing due diligence processes and will issue an update to Handbooks later this year to provide guidance on the use of digital signatures, electronic certification, and electronic verification.

The due diligence consultation paper was released on May 29, 2015, and set out proposals to amend the territory's handbooks for financial services businesses and prescribed businesses on countering financial crime and terrorist financing.

Firms are required to verify the identity and background of clients. These due diligence requirements – part of a framework sometimes referred to as Know Your Client (KYC) – are a vital part of the island's regime for preventing money laundering and the financing of terrorism.

Explaining the reasons for the proposed changes, the FSC explained that technology is changing the traditional methods of undertaking due diligence. It reported that the financial services industry had called for alternative, cost effective, and more customer friendly options such as the ability to capture and deliver due diligence information through the internet, or through tablet or smartphone applications.

This consultation process has now ended and the Commission received feedback from 25 respondents.

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