Gibraltar amends AML guidelines

Chris Hamblin

13 November 2018

The updated version can be found on the GFSC’s financial crime webpage. It has also updated its Compliance Report to accommodate the changes. The revised version can be found on the regulator’s website. The changes are as follows.

Chapter III – Reference is now made to the updated National Risk Assessment published in September 2018.
Section 5.5 – Guidelines are available on the Independent Audit Function and related requirements.
Section 6.2.1.1.2 – The requirements with respect to politically exposed persons, members of their families and close associates have been clarified. Family members and close associates of PEPs are not considered PEPs, but nonetheless firms ought to apply 'equivalent measures' to them.
Section 6.2.2.6 – Additional requirements now apply as a result of the publication of the European Union's Wire Transfer Regulations - in particular requirements 31, 31A, 32A, 33, 34A-D, 36 and 36A.
Section 6.2.2.7 – This section is now more prescriptive regarding times when firms cannot apply 'reduced due diligence' measures.
Requirement 44 – Further guidance has been added for instances when firms accept certified documents.
Requirement 60A – Specific requirements are now listed when verifying a customer’s identity if he/it is a legal person or legal arrangement.
Requirement 86 – The measures that firms should take in ascertaining whether the trustees of a trust hold basic information on other regulated agents of, and service providers to, the trust are listed in detail.