The Wait For Guernsey’s NRA Is Finally Over… (Well, Almost)

October 18, 2019

Due to the ongoing delays to the publication of Guernsey’s National Risk Assessment, the following advice has recently been released by the GFSC.  Although a consultation in the first instance, it is likely that the changes will be passed and incorporated into an update to Chapter 17 of the AML Handbook.  In essence the changes now define a firm date of February 2020 for Board approved BRA reviews to have been undertaken, and an additional 3 months (end May 2020) for policies, procedures and controls to be updated accordingly.  Consideration of the NRA, and providing evidence thereof, should now take place during the next BRA review phase.

https://www.gfsc.gg/news/article/update-revisions-money-laundering-and-terrorist-financing-business-risk-assessments-and

This is the announcement that in many ways the finance industry has been waiting for… the process of reviewing and updating BRAs that have been sitting on hold awaiting NRA input can finally be undertaken.  And as those of you that know us will be aware, we have the ideal solution to assist businesses with this process.  What better time to transfer your BRA from a static, one dimensional spreadsheet to a dynamic, purpose built risk and compliance solution?  Here’s a short introduction… please let us know if you like to know more about this low cost software.

 

 

 

 

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