Anti-Money Laundering (AML) and Know Your Customer (KYC) Requirements in Gibraltar

Identity Verification

In order to comply with AML and KYC regulations in Gibraltar, businesses must verify the identity of their customers. The following documents are considered acceptable as proof of identity:

• Valid passport
• Valid driver’s license
• National Identity Card

Additionally, the following documents can be used as proof of address in Gibraltar:

• Current utility bill
• Document issued by a government department
• Bank statement

Timing of Verification

Identity verification is not a one-time process and must be conducted in multiple instances as per regulations. This includes:

• Onboarding new customers
• Dealing with transaction data above monetary thresholds defined in Gibraltar’s regulations
• Higher-risk situations requiring more frequent identity verification

Politically Exposed Persons (PEPs) and Enhanced Due Diligence (EDD) Measures

Businesses must determine if a customer is a PEP, holds a public office, or exhibits a higher risk profile. In such cases, enhanced due diligence measures are required.

Shufti Pro provides an AML Screening service to fulfill obligations, which screens ID attributes against watchlists of global regulatory authorities.

Reliance on External Services

Gibraltar’s regulations allow seeking the services of a third-party for due diligence measures.

• Collect all data from the third-party without undue delay
• We (Shufti Pro) will be the external third-party service provider

Record Retention

Retain data for no less than five years as part of AML and KYC obligations. Ensure that necessary information is collected from a relevant third-party without undue delay.

Note: This summary is not exhaustive, and you should consult the original document or seek professional advice to ensure compliance with Gibraltar’s regulations.