PEPs

The Challenges of Politically Exposed Persons (PEPs) A Guide to PEPs FATF explicitly emphasizes that its politically exposed persons (PEPs) requirements should not be interpreted in any way as an effort aimed at stigmatizing PEPs. Given the tens of thousands […]

When individuals are elected to prominent political positions or assigned high-profile public roles, they should be categorized as politically exposed persons (PEPs) to reflect their increased risk of involvement in money laundering or terrorism financing. Global financial authorities require banking […]

Domestic PEPs vs Foreign PEPs: Should They Be Treated The Same? Politicians and other high-profile public officials are especially vulnerable to criminal behavior since they wield significant power and have access to a wealth of resources. Therefore, screening for politically […]

PEP (politically exposed person) screening is crucial to AML/CFT programs around the world since it helps to identify individuals who are vulnerable to money laundering activities and to protect both financial systems and their institutions. However, once an individual steps […]

What is an Unexplained Wealth Order? Introduced in the United Kingdom in 2018, unexplained wealth orders (UWO) have become a powerful tool in the fight against money laundering. UWOs are court orders, issued by the UK High Court, that compel […]

What is a Special Interest Person (SIP) And Special Interest Entity (SIE)? As part of customer due diligence, financial institutions not only work to verify the identities of their customers but examine contextual information in order to establish whether those […]

While politically exposed person (PEP) status does not predict criminal behavior, the risk exposure that it brings means that financial institutions must apply additional AML/CFT measures when establishing a business relationship and conduct ongoing monitoring to ensure that they capture […]

Canada’s AML regulations require banks and financial institutions to check whether their clients are a Politically Exposed Person in Canada (or elsewhere) in order to build accurate risk profiles and comply with legislation. PEP screening is required by regulatory authorities […]

What Are RCAs: Relatives And Close Associates? As part of their customer due diligence obligations, banks and financial institutions must establish whether their clients are Politically Exposed Persons (PEP) and at risk of being involved in financial crimes, like money […]

Is your business ready for the changes coming with 4MLD?  The UK government is in the process of transposing 4MLD into UK legislation via the Money Laundering and Transfer of Funds (Information on the Payee) Regulation 2017, which will come […]

PEP Red Flags: Detecting Misuse Of The Financial System Many uncertainties and misunderstandings surround politically exposed persons, or PEPs. Classifying a client as a PEP is not an aim in itself; rather, it forms part of the process that enables […]