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Gibraltar: GFSC publishes statement on AML/CFT supervision during Coronavirus crisis

The Gibraltar Financial Services Commission ('GFSC') published, on 19 May 2020, a statement ('the Statement') on the supervision of anti-money laundering and combatting the financing of terrorism ('AML/CFT') during the COVID-19 ('Coronavirus') crisis. In particular, the Statement notes that there is an ongoing expectation that firms continue to apply robust control systems to ensure the identification of AML/CFT related risks and their mitigation, while also outlining due diligence requirements. More specifically, the Statement highlights that firms should conduct appropriate due diligence for clients by, among other things, gathering and analysing data such as geolocation data, phone numbers, and IP addresses, and by seeking third-party verification of the clients' identity.

You can read the Statement here.