Gibraltar’s Financial Institutions Required to Complete Compliance Training Amidst Growing Money Laundering Concerns
The Government of Gibraltar has launched an online training program aimed at financial and non-financial reporting entities in the region, requiring them to submit Suspicious Activity Reports (SARs) as part of their compliance obligations.
e-Nexus Series: A Supplement to Existing Training Requirements
The e-Nexus Series, designed by Project Nexus, offers interactive workshops that enhance awareness on the latest legislative changes, international financial regulations, and evolving methods used by criminals to launder money. These workshops can be taken at one’s own pace and convenience, covering a range of topics including:
- Financing of human trafficking
- Targeted financial sanctions
- Terrorist financing
- Online child sexual exploitation and abuse
- Requesting consent from Gibraltar Financial Intelligence Unit (GFIU)
- Proliferation financing, donors, charities, and terrorist financing
- National risk assessment
- Business email compromise fraud
- Submitting SARs
According to officials, the e-Nexus Series is not a replacement for money laundering/terrorist financing courses or other qualifications, but rather a supplement to existing training requirements. Financial institutions are still obligated under the Proceeds of Crime Act 2015 to take appropriate measures for training.
Accessing the Online Learning Site
Financial professionals must register and log in to their account profile to access available workshops and begin the training program. The e-Nexus Series is designed to enhance awareness and understanding of complex financial crimes, enabling Gibraltar’s financial institutions to better detect and report suspicious activities.
Why Compliance Matters
Financial experts emphasize that compliance with these regulations is crucial in preventing money laundering and terrorist financing, which can have devastating consequences for individuals, businesses, and the global economy as a whole. By completing the e-Nexus Series training program, financial institutions can help ensure the integrity of the financial system and prevent illicit activities from undermining economic stability.