Regulatory Alerts2022-07-21
Instruction Number 01/2022 for Specified Businesses - Gibraltar
The Gibraltar Financial Services Commission issued this instruction requiring specified businesses to enhance anti-money laundering controls following Gibraltar's addition to the FATF's list of jurisdictions under increased monitoring. Businesses must identify existing relationships involving Gibraltarian entities where simplified due diligence was applied and apply full customer due diligence measures or correspondent relationship requirements by 31 December 2022. Additionally, firms must review relationship risk assessments for all connections where Gibraltar is a relevant risk factor and notify the Commission if they cannot remediate identified issues by the deadline.
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