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Customer Due Diligence (CDD) Requirements for High-Value Dealers (HVDs) in Gibraltar

Introduction

High-value dealers (HVDs) operating in Gibraltar are subject to specific requirements regarding customer due diligence (CDD). This process involves carrying out checks about customers to establish their identity and assess the risk of money laundering or terrorist financing.

What is a CDD Process?

Yes, it’s a process!

The text outlines the steps involved in conducting a CDD process for HVDs in Gibraltar. The primary goal of this process is to verify the identity of customers and determine whether they pose a risk of engaging in illicit activities.

Key Requirements for CDD

Here are some key points related to CDD requirements for HVDs in Gibraltar:

• Customer identification: Verify the identity of customers through reliable documents or sources, such as government-issued ID, passport, or utility bills.
• Risk assessment: Evaluate the risk level associated with each customer based on factors like their business activity, financial transactions, and geographical location.
• Ongoing monitoring: Continuously monitor customer activities to detect any suspicious behavior that may indicate money laundering or terrorist financing.

Conclusion

By understanding the requirements for CDD in Gibraltar, HVDs can ensure compliance with anti-money laundering (AML) regulations and minimize the risk of engaging with illicit activities. If you have any further questions or need clarification on specific aspects of CDD, feel free to ask!