So the final, final, (final?) version of the AML Handbook has now been released following further industry consultation, and the result is likely to please Boardrooms throughout the Island’s finance sector.
It has now been agreed that with the confirmed delay to the release of the NRA by the States of Guernsey (possibly until early 2020), licensed businesses now have until 31st May 2020 to ensure their Business Risk Assessments have been reviewed and Board approved, and also that the relevant policies, procedures and controls have been suitably updated (and once again, Board approved). This latest element is a departure from even the most recent final version, which had applied different timeframes for each of these activities.
There is no question that clarity has now been achieved, in addition to a simplification of the schedule, and as such businesses finally know exactly what is required and by what date. But it could also be argued that it’s only now that the hard work starts!
Fortunately we have the ideal solution to assist businesses with this process, one that is already being utilised to great effect within the banking, fiduciary and pension sectors in Guernsey. And not only is it the perfect tool for BRA reviews, but it is also purpose built for compliance functions to better monitor and manage their activities around, for example, an AML Handbook compliance audit, or even for security teams to acton their cyber security plans. A one stop solution for risk and compliance if you like.
So 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.