GSY NEW AML RULES – DEADLINESS EXTENDED TO 30 SEPTEMBER 2020 / 30 JUNE 2021
29/04/2020
The revised AML rules take effect on Wednesday, 29 April 2020. However, the GSY GFSC has decided to ease some of the timeframes in the Handbook rules. Specifically, those timeframes relating to the approval of business risk assessments and policies and procedures and for reviews of existing customers. The Commission notes that its deadline extensions apply merely to the full integration of the revised requirements of the 2019 Handbook into firms’ operational practises.
30 SEPTEMBER 2020.
- The changes mean that the timeframes for obtaining Board approval of firms’ money laundering and terrorist financing business risk assessments and revised policies and procedures (Chapter 17 of the Handbook), have been moved from 31 May 2020 TO 30 SEPTEMBER 2020.
30 JUNE 2021
- In addition, whilst firms must review all existing customers by 31 December 2021 to make sure that the revised measures in the Handbook are applied, the timeframe for completing reviews of high-risk customers has been changed from 31 December 2020 to ease pressure upon firms.
- Firms should continue to apply a risk-based approach and are strongly encouraged to ensure that their high-risk customers have been reviewed by 30 JUNE 2021 OR EARLIER IF POSSIBLE.
Commenting on the changes the Director General, William Mason, said:
- “It seemed to us proportionate to extend the deadlines in the light of the Covid-19 restrictions. These measures follow earlier measures by the Commission extending prudential regulatory deadlines to relieve pressure on firms.”
LINKS
- Tracked and clean versions of the revisions to chapter 17 of the Handbook can be accessed on https://www.gfsc.gg/sites/default/files/uploads/20200429%20-%2017.%20Transitional%20Provisions%20%28BL%29.pdf
- The revised rules take effect on Wednesday 29 April 2020. https://www.gfsc.gg/news/article/handbook-countering-financial-crime-and-terrorist-financing-3
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.