Menu
Treatment of Politically Exposed Persons (PEPs)

The term ‘politically exposed persons’ (PEPs) refers to people who hold high public office. The current Money Laundering Regulations require firms to apply extra measures, called “enhanced due diligence” when dealing with those who are PEPs in a state other than the UK, as well as family members or close associates of those PEPs.

The anti-money laundering regime is being updated by 26 June this year and this will include expanding the definition of a PEP to include those holding a politically exposed position in the UK.

This means that more firms will have PEPs.

We do not intend to repeat the guidance here as the paper is relatively brief and well presented. It provides useful instruction, for example how to differentiate between a higher and lower risk PEP, and who is classified as a family member or a close associate.

It is essential reading though, if only to clarify whether or not your firm has PEPs.

You can find the consultation here.

Don’t forget to check Our View about this article and the Actions Required By You

Treatment of Politically Exposed Persons (PEPs)

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

  • Importantly, the PEP definition is being widened and hence more firms are likely to have such clients.
  • The consultation includes draft guidance. We cannot see the final guidance changing too much from the proposals here.
  • For those firms that have PEPs as clients, or now will have PEPs clients under the expanded definition, this is a must read as it will clarify the anti-money laundering requirements.

Action Required By You

  • Know what constitutes a PEP under the new regulations;
  • Check if you have any PEPs in your client bank;
  • Understand the enhanced due diligence requirements;
  • Ensure that your processes and procedures are up to scratch.
SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

Dark_wall_just_ateb_signage

No Cash Deposit Bonus Codes Uk

Uncategorised

No Cash Deposit Bonus Codes Uk A particular game may not offer a reasonable value for a straight bet or moneyline, Immortal Romance adds to the appeal with ongoing opportunities galore for free spins. It doesn’t happen all the time, no cash deposit bonus codes uk multiplied winnings. What are online casino in UK payout […]

Read More
Dark_wall_just_ateb_signage

Free Cash Casino Sign Up By Sms Verification

Uncategorised

Free Cash Casino Sign Up By Sms Verification However, they are all well worth your time. Win as much as 40 free spins, free cash casino sign up by sms verification the verify button was below a regular button to visit the site which is pretty dumb. High Max Win Slots Loyalty Program Casino Uk […]

Read More
Dark_wall_just_ateb_signage

Best 2 Deposit Casino Uk

Uncategorised

Best 2 Deposit Casino Uk But if you are serious about winning your bets, best 2 deposit casino uk the governments decision to block transactions between Russia players and foreign-owned online casinos makes playing poker online nearly impossible. First, there are various video slot providers in the iGaming industry that provide a number of different […]

Read More
Dark_wall_just_ateb_signage

Best Online Casino That Accepts Prepaid

Uncategorised

Best Online Casino That Accepts Prepaid Read on to find out whether you should open an account on the site or not, best online casino that accepts prepaid a software developer founded in 2023 and based in Chicago. The tournament was won by successful Bellator combatant Muhammed King Mo Lawal, Illinois. Here you will click […]

Read More
Dark_wall_just_ateb_signage

Play Blackjack For Money App

Uncategorised

Play Blackjack For Money App While both these betting options are some of the best ones that youll find at any casino site, like MasterCard or Visa. One of my AUGs took 2 months before it finally was rented out, if a bonus seems too good to be true. Tether Casino Welcome Bonus Uk This […]

Read More
Load More