The Gibraltar Financial Intelligence Unit (GFIU) gathers, stores, analyses and disseminates intelligence related to criminal conduct (including but not limited to money laundering, the financing of terrorism and proliferation of weapons of mass destruction), transacted or attempted to be transacted through relevant financial businesses in accordance with the Proceeds of Crime Act 2015, the Terrorism Act 2018, and the Drug Trafficking Act 1995.
The Proceeds of Crime Act 2015 (POCA) designates a series of supervisory bodies, among which is the Financial Services Commission (GFSC).
Obliged entities under the POCA, have various duties, among which are:
Duty to carry out customer due diligence, which includes:
These measures must be applied when the obliged entity:
Simplified (or enhanced) due diligence measures may be carried out if the risk of money laundering and terrorism financing is high. [SS1]
In the case of customers which are politically exposed persons (PEPs), the obliged entity must, in addition to the customer due diligence requirements established:
Duty to carry out ongoing monitoring during the business relationship, which involves: ensuring that customer due diligence documents and data are updated; and scrutinising transactions to ensure that they are consistent with the knowledge of the customer, their business and risk profile, including where necessary the source of funds.
Duty to keep records of:
Duty to carry out a risk assessment to identify and assess the risks of ML/TF.
Duty to establish and maintain appropriate and risk-sensitive policies, controls, and procedures, relating to:
Duty to train employees on AML/CTF legislation and on how to recognise and deal with transactions that may be related to ML/TF.
Duty to establish internal reporting procedures for the purposes of receiving disclosures about knowledge or suspicions of ML/TF.
Obliged entities have the duty to report to the GFIU when they obtain information or suspect that any person has or may have been engaged in money laundering, the financing of terrorism or the proliferation of weapons of mass destruction.
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.