It's crucial for local businesses to be well-prepared. This assessment will evaluate Guernsey's compliance with international standards for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF). The Guernsey Financial Services Commission (GFSC) are due to start reaching out this week to the sixty licensees whose names will be put forward to MONEYVAL for visits in April 2024.
Guernsey MONEYVAL Assessment in 2024
In this FAQ article, we'll address your questions about your role in this process and how best to prepare.
1. What is the MONEYVAL Assessment?
The MONEYVAL Assessment is a comprehensive evaluation of Guernsey's compliance with international AML/CFT/CPF standards. It consists of two parts: technical compliance and effectiveness.
2. How is Guernsey preparing for this assessment?
Guernsey will submit information in response to mutual evaluation questionnaires. The MONEYVAL assessment team (AT) will produce a scoping note to prioritise evaluation focus. In April 2024, the AT will visit Guernsey for two weeks, emphasising effectiveness and the scoping note's priorities.
3. What should I do if my business is one of the chosen 60 for assessment?
If your business is among the selected 60, ensure you:
- Review the national risk assessment, especially risks in your regulated sectors and business relationships in higher-risk countries.
- Understand your business's risk assessment and how it relates to the National Risk Assessment.
- Familiarise yourself with recent examination reports and remediation plans.
- Stay informed about recent thematic reviews.
- Be well-acquainted with your business's Suspicious Activity Reports (SAR) data.
4. What are the four general areas of focus in the scoping note?
- Understanding of Money Laundering (ML), Terrorist Financing (TF), and Proliferation Financing (PF) risks.
- Application of AML/CFT/CPF requirements.
- Implementation of mitigating measures.
- Interaction with the Guernsey Financial Services Commission (GFSC) and Financial Intelligence Unit (FIU).
Conclusion
The Guernsey MONEYVAL Assessment is a significant event that requires careful preparation from all businesses involved. Ensuring compliance with international AML/CFT/CPF standards is not only a regulatory requirement but also essential for safeguarding Guernsey's reputation and economy.
How can Newgate assist with preparations?
Newgate can help by conducting an internal audit of your key documents, recommending enhancements, providing training and interview preparation for the Technical Assistance (TA) phase, and offering valuable expertise in AML/CFT/CPF compliance.
Contact our compliance team to discuss your MONEYVAL assessment preparations and ensure your business is well-equipped to meet the requirements and expectations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.