As part of its recent drive to achieve operational efficiencies, the Guernsey Financial Services Commission (GFSC) has announced that it is to delegate its supervisory function to a newly-established department – an Anti-Money Laundering (AML) Division.
The creation of an AML Division will enable the GFSC to apply a Commission-wide risk-based approach to money laundering and financial crime surveillance, consistent with the revised international standards published by the Financial Action Task Force (FATF).
According to the Commission, licensees will benefit from more efficient on-site visits.
The cost-cutting exercise comes following a government-commissioned report from Ernst and Young, which presented recommendations on streamlining the regulator’s costly operations. There is to be no change in the Commission’s headcount as a result of the change, the Commission confirmed, only a restructuring.