Regulatory Alerts2026-05-20
Gibraltar Financial Services Commission AML/CFT/CPF Guidance Notes 7: Politically Exposed Persons
The Gibraltar Financial Services Commission mandates that regulated entities implement robust systems to mitigate risks associated with Politically Exposed Persons, their family members, and close associates. Regulated entities must apply enhanced due diligence, verify the source of wealth and funds independently, and secure senior management approval before establishing business relationships with these high-risk individuals. These requirements extend to ongoing monitoring for at least 12 months after a PEP ceases their public function and include specific guidance for sectors such as Trust & Company Services Providers and banks.
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