Regulatory Alerts2020-09-17
DLT Framework — Guidance Note 8 Financial Crime
The Gibraltar Financial Services Commission issues this guidance to define the operational, technical, and organizational standards Distributed Ledger Technology Providers must meet to prevent money laundering and terrorist financing. The document mandates strict adherence to the Proceeds of Crime Act and AMLGNs, requiring robust customer due diligence, enhanced scrutiny for high-risk entities, and the appointment of a Money Laundering Reporting Officer. It further specifies traceability obligations, including the retention of unique device identifiers, and outlines requirements for training, internal audit, and the management of outsourced compliance functions.
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