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GFSC launches consultation of revised AML/CFT/CPF Guidance Notes

30 Oct 23

The Gibraltar Financial Services Commission (GFSC) has today launched an industry consultation on its revised Anti-Money Laundering, Combating the Financing of Terrorism and Counter Proliferation Financing (AML/CFT/CPF) Guidance Notes.

Developments in both local and international financial crime prevention standards have led to substantial amendments and alterations being made to the GFSC's initial AML/CFT/CPF Guidance Notes which were first published in 1996. This has led to the current iteration of the Guidance Notes being considered complex and difficult to navigate.

The revised Guidance Notes aim to improve consistency and accessibility of the document, expand on existing key legislative requirements and increase the level of sector-specific guidance. In addition, a complete revision of the concept of "requirements" has been included, as well as the addition of a glossary and colour-coded key.

While significant changes have been made to both the content and format of the Guidance Notes, it is not considered to cause any material impact on the requirements applicable to regulated entities. This is on the basis that the purpose of the Guidance Notes is to expand upon exisiting legislative requirements relating to the prevention of money laundering, terrorist financing and proliferation financing, which remain unchanged.

Heidi Bocarisa, Director of the GFSC's Specialist Regulation Division commented: "I am confident that our revised Guidance Notes will have a positive impact on our regulated sectors. This project falls within the AML/CFT Supervision team's wider external engagment plan and is part of our continued commitment to maintaining the highest AML/CFT/CPF standards, safeguarding the stability of the international financial system and the reputation of Gibraltar".

The draft sections of the revised Guidance Notes can be found in the table below and all responses must be submitted using the standardised feedback template available here.

Section  Link
0- Glossary Click here   
1- Introduction Click here
2- Responsibility of Key Individuals      Click here
3- Business Risk Assessment Click here
4- Customer Risk Assessment Click here
5- Customer Due Diligence Click here
6- Ongoing Monitoring Click here
7- Politically Exposed Persons Click here
8- Policies, Procedures & Controls Click here
9- Record Keeping Click here
10- Training  Click here
11- Suspicious Activity Reporting Click here

The deadline for the consultation is 5th January 2024 and the GFSC will thereafter consider responses and publish further communication.

Notes to Editors

1. The GFSC is a regulator of the Gibraltar Financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The GFSC’s vision is to be efficient, forward looking, and credible regulator that is fair and proportionate and works collaboratively with stakeholders.

2. The GFSC’s regulatory objectives are the promotion of market confidence; the reduction of systemic risk; the promotion of public awareness; the protection of the good reputation of Gibraltar; the protection of consumers and the reduction of financial crime.


Press Release contact details

Contact Name Press Office
Contact E-mail [email protected]
Address Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europlaza Avenue
Telephone +350 200 40283