Print |[ Back Questions and Answer: ‘Know Your Customer’ quick reference guide Country by country comparison of high level Know Your Customer and Anti-Money Laundering information Gibraltar Key contact: Ivan P Perez Postal address: Last updated: Email: ivan.p.perez@gi-pwe.com International Commercial Centre; January 2011 Tel: +350 78267 Ext 122 Casemates Square; Gibraltar PRI hat year cia the relovant AML Tans and regulations become efecive? PROPMI 1996 (amended n 2005 ana 2007) QOPI 050 ANIL laws andior regulations became effective in the ast 2 years, what wore the requirements ofthe previous AML regi? ee os DOBBY |= tere a requirement io revospectvely very the identi of customers before the dato the new AML regime was introdu FRO Yo=- oniy for Banking and Ficuciary services POV c 2 rik based approach approved by the local requatota FIVE Yo5- amendments introduced and applicable fom 15 December 2007 QOTSMI '25 the country boon the subjactof@ FATF (of FATF-stye) Mutual Evaluation ar IMF assessment exercise since 2003? yes pase find a link oa relevaetrepor (f publicly avaiable) INC 05 ip Tiwwe i orlextornalfpubsmtisc/20071er07 157 pat GL If Yes, what are the various thresholds in place? PCM Yo= one-off transactions below EUR 75,000 Pe AREEE 21 ar the high vel requremens fr verfication of customer idenication information (ndivduals and legal enies)? FNAME icividuats: Physical identity (2g. namo, date of bith, registration number), address and the source oftheir incomelwealth. Passports or identity cards should be used for verification of physical identiy and uty bile or alleraives such as checking the electoral regstentalephane directory should ba used for vefieaton of adress Companies: Copy ofthe latest port and accounts, bard resoluton to open the relationship and the empowering authoily for those who will operate any account and cerifcale of incorporation/cetiiale of trade or equivalent. Also required are authorised signatories for the Accountransaction, holders of powers of attomey ta operate the accounttransaction as wall as ulimate beneficial owners (UBO) and Shareholders fefrent from the UEO. (©2011 Pach eed Na er debut parianonl PAC “Pa lta heel rent a of Ponta neopterin PAOL} of 2 be ‘Stat aus eat oar an a note Ea naar sos leps ely er ous tae apt cD. ray ert Pot et proce yas ‘Salons Bec nat tporabe er aber scar ams any ofa mar ters cn tsar he tain ltt ptescra pgm arora ey ay Near 2 ‘praia th scr say ch be tn cco be cea of ent aber spear a bath er PYAQURSUIUNS GAME AALS WEES. ‘Know Your Customer’ quick reference guide Country by country comparison of high level Know Your Customer and Anti information “Money Laundering POY *'r copies of iconticaion documentation are provided, what ara the requirements around independent verification of authentication? DROME Vite verticaton of antiy fs required, the documents should be independent verified bythe intiution feel High rk customers should have their ienfifation, adéress and source of incomeleelth verified using a east wo independent sources other than the document in question. Certiied documents must be signed and dated by an extemal tid party, such as a notary, lawyer, accountant etc POTN vihat are the righ level requirements around beneficial avnership (entiation and verification]? ROME «i considered approprate to very the Ment of baneficial owners holding 25% or more, Where a principal owner is anclher corporate nity or ust, the frm should take measures to look behind thal ently and establish the entibes offs beneficial owners or trustees, unless that company is publly quoted. The fm wll then judge which ofthe benoiial owners exerci effective contro, and whose identities should therefore be varies POTD 1 what circumstances are reduced/simpifid cue diigence arrangements available? PROT 182 ove! of documentation required should be adapied according tothe isk pofeof the customer, the level and natura ofthe business, the isk tolerance of the institution and any existing relationships with that customer. Local gudanes requires that instluions have a ‘methodology which classifies the diferent types of customers ina risk eatagores and processes that adequately mitigate the risks posed by these. POPPI | what cicumstances are enhanced customer due diigence measures required? PRE IIE Vher an entity is known tobe linked toa Poltically Exposed Person (PEP), or oa jursdicion assessed as caryng a higher money Taunderinlterrorist financing risk, or where tha company is engaged in actives that are assasced to cary a higher money laundering risk, further verifeation andar manitoring may be required POPPE 1 what circumstances is addtional due diigonce required or Poliically Exposed Persons (PEPE)? POPE The systoms of contol hat fers must adopt to reduce the rks associated wih establishing and maintaining business relationships with EPs include: 8) establishing and documenting a clear palicy and internal quideines, procedures and contols regarding such business relationships ») maintaining an appropriate risk managemant system to determine whether @ potential customer or an exiting customer is a PEP; 6) ensuring that docisions to ener info Business relationships with PEPs are only taken by senior managoment, and 4) ensuring hat busines relationships which ara known fo be related to PEPs must be subject to proactiva montaring ofthe actiy on such accounts POPE vihet enhanced due aligance must be periommed for correspondent banking relationships (eross-border banking and similar relationships)? PREM 12 lowing controls amonget aners naed tobe implemented for correspondent banking relationships: 2) fim must gather suffciont information about a respondent inition to understand fly the nature of ther business ») senior management approval must be obtained prior to establishing new correspondent relationships: and 6) the fem must assess the respondent institution's AML and terrorist fnancing controls. POPPE 2 latcaships wth shat banks specticaly prohibited? re POP PEIIE 1 what crcumstances is adaltional due diigonce required for non face-to-face transactions andlor elalonships?| PRTERIE 12 2ccitonal controls roquirad in raspact of nan face-to-face customers are a)eneuring that the customer's idantiy is established by adkitional documents, data or information ») supplomentary measures fo very the documents supplied, or requiring an eligible iireducer to certity the customer identification dcumants; and ©) ensuring that the frst payment ofthe operation is cari out through an account in the customer's name at a cre institution. [8 common mechanism adopted by many frm isto pert the use of cerfied customer deniicaion documents povided in lieu of having had sight of tho originals EE ‘Riau eo me sae er they mp sts en sn carpren ep es once ‘aura pre ered ins nr tr ae oe rae pte ite Ya a ota an ‘Fagan coaned apne cana cca ants Wo cyanea wane stn ee pwe SSSEAEMS Spiga ay etry comer styoroonen eos cargo race