The GFSC is committed to meeting International standards on Anti Money Laundering and Combating the Financing of Terrorism. We play a key role in Gibraltar’s overall approach to combating money laundering (ML) and terrorist financing (TF). Our risk based supervisory approach to ML/TF risks is being enhanced to ensure that it is focused, driven and separately accountable specific to the ML/TF threat to the jurisdiction so that we are able to demonstrate that any regulatory or supervisory engagement/intervention is proportionate to the level of ML/TF risk, and also takes into account the National Risk Assessment.
Over the 1st and 2nd March 2017, the GFSC delivered a number of presentations to representatives of all financial services industries, setting out its enhanced risk based supervisory approach to ML/TF risks and Financial Crime more generally. The launching of a Financial Crime Return (FCR) was also communicated.
The purpose of the FCR is to ensure that we have a thorough understanding of how susceptible or vulnerable our licensees are to ML and TF risks, and ensure that sufficient resources are allocated, based on the perceived risk, to mitigate those which sit outside our Risk Appetite and Tolerance.
Notes for completion of the FCR can be found within the actual form. The Return can be downloaded via the link below.
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A:Information required with respect to the residency and nationality of a customer, should be provided for all beneficial owners of the company. Information required with respect to the activity, should be taken to be the activity of the company.