The Financial Services Commission (FSC) has published its NEW Anti-Money Laundering and Countering the Financing of Terrorism Handbook. (the ‘Handbook’) - 

This ‘Handbook’ consolidates the Financial Services Commission (the ‘FSC’) guidance on anti-money laundering, financing of terrorism and financing of proliferation of weapons of mass destruction.

A failure to comply with the handbook will result in regulatory action and depending on the severity of the breach; it may result in revocation of a licence of a business. Actions under the Administrative Penalties

Regulatory Framework (approved by the Board of the FSC on 24 July 2019 and issued on 19 August 2019) may also apply as appropriate.

The FSC will take this Handbook into account when assessing the level of compliance with the FIAMLA, FIAML Regulations 2018 and the Code while conducting its onsite visits.