Updated version of AML/CFT Handbook published

An updated Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Handbook has been published on the Authority’s website.

Clean and Tracked Changes versions of the document have been produced to capture a number of minor amendments and provide additional clarity following recent legislative changes.

Changes to note include:

• Guidance is now colour-coded to differentiate between references to regulations and legislation
• Further clarity provided to the Customer Risk Assessment guidance
• Additional information included in relation to Commercially Exposed Persons (CEPs)
• Updates to ongoing monitoring requirements in respect of Source of Funds and Source of Wealth
• Splitting out of terminology for Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF) for additional clarity
• Minor typographical errors corrected and hyperlinks updated where appropriate

The Authority is also publishing revised sector specific guidance for accountancy and tax advisors, moneylenders, and safe custody and administering or managing money on behalf of another person.

These documents have been amended to bring them into line with the updates to the Island’s AML/CFT framework legislation made in October 2024. A full review of all sector specific guidance will be undertaken following the publication of the Island’s National Risk Assessment later this year.