Gibraltar Financial Services Commission

On Wednesday, our Conduct of Business Team delivered a Consumer Duty Champion session to non-executives and senior managers within the insurance sector. Kindly hosted by Isolas as part of the regular NED Forums, the event provided a great opportunity to share insights on Consumer Duty following the implementation of the Gibraltar Core Principles & Consumer Duty Regulations (2024) in May. Many thanks to all attendees for their contributions, and to Maria Stagnetto for delivering the session, supported by her colleagues Emma Thornton-Moir and Lucy Wragg.

The Gibraltar Society of Accountants (GSA) Finance and Governance Faculty held its inaugural governance session on Monday, at Isolas LLP, Portland House. Belen Valarino Sanchez, Head of Legal, and Susie Byrne, Head of Audit and Insolvency Supervision, led a discussion on areas specifically relevant to the GFSC with focus on internal governance and controls. The session was attended by accountants from various sectors, including insurance, trusts, investment advisory, and others.

The Gibraltar Financial Services Commission (GFSC) is pleased to announce the appointment of Mr. Christian Bjorlow as Director of Banking, Investments, and Markets. In this new role, Mr. Bjorlow will oversee the newly combined Prudential Banking and Conduct of Business teams for Banking, Markets, and Investments, which will now report directly to him. Mr. Bjorlow will also form part of the GFSC's Senior Management Team. Further information can be found on our press release below: https://lnkd.in/dAwKYe-F

Members of the GFSC participated in our annual Great GFSC Bake Off and we raised over £500 for #BreastCancerGibraltar!🍰 #PinkOctober #BreastCancerAwareness

The Gibraltar Financial Services Commission (“GFSC”) has today published its revised Anti-Money Laundering, Combatting the Financing of Terrorism and Counter Proliferation Financing (“AML/CFT/CPF”) Guidance Notes (“the Guidance Notes). These are now available on the GFSC website. The publication of the Guidance Notes follows an extensive public consultation period. Together with the Guidance Notes, the GFSC has also published a Consultation Response Paper addressing the key themes identified within the industry feedback. The paper can also be found on the “Consultation Papers” section of the GFSC website.   The revised Guidance Notes aim to improve the consistency and accessibility of the document, expand on key legislative requirements and increase the level of sector-specific guidance. This revision project falls under the AML/CFT Supervision team’s wider external engagement plan, and forms part of the GFSC’s continued commitment to maintaining the highest AML/CFT/CPF standards.   While significant changes have been made to the drafting and format of the Guidance Notes, these are not considered to be material in relation to the overarching requirements applicable to regulated entities. This is on the basis that the purpose of the Guidance Notes is to expand upon existing legislative requirements and enhance the guidance available, with regards to the prevention of money laundering, terrorist financing and proliferation financing, which remain unchanged.

Yesterday, members of our AML/CFT Supervision and DLT teams attended the "Crypto Summit" hosted by the Gibraltar Financial Intelligence Unit in partnership with the U.S. IRS Criminal Investigation, U.S. Department of Justice, TRM Labs & Asset Reality.    The session aimed at providing various local agencies with comprehensive training on the use of virtual assets in global money laundering, terrorist financing and proliferation financing. Our AML/CFT Technical Specialist Justin Montovio also presented on Gibraltar's VASP sector and the regulatory framework that governs the supervision of VA services. 

On the 10th October our Head of the Resolution & Compensation, John Gill, attended the Isle of Man for the 21st AMES (Affiliation of Micro European States) regarding Deposit Compensation & Bank Resolution. The working group focuses on parallel development and support of smaller European connected jurisdictions. He provided updates to members from areas including Fintech, Public Relations & Communication, Risk Management and Stress Testing. Delegates were also invited to a reception at Government House hosted by the Lieutenant Governor of the Isle of Man, Sir John Lorimer and Lady Philipa Lorimer.

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We are thrilled to be in London this week for #GIBLDN24 events and also have the opportunity to catch up with our UK counterparts in person. Our Head of DLT, William Gracia, Head of Policy, Julian Sacarello, and Head of Funds, eMoney Institutions and Consumer Credit, Sam Vatvani, are pictured at #MansionHouse yesterday for HM Government of Gibraltar's Financial Services Lunch. Our Chairman, Stephen Haddrill, Board Member, Paul Smee, Director of Prudential and Intensive Supervision, Joe Perdoni, and Head of Insurance Conduct, Mary Boyd are also representing the GFSC in London this week.