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  • The consultation includes draft guidance.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

Eur 10 Free No Deposit Casino Uk

Uncategorised

Eur 10 Free No Deposit Casino Uk You can also earn more with Wild and Scatter Codes and no deposit bonus, I’ll let you know when the money is in the account. The casino is licensed by Curacao and abides by guidelines set out to make the casino a safe and fair environment for players, […]

Read More
Dark_wall_just_ateb_signage

Best Free Slots Game Uk

Uncategorised

Best Free Slots Game Uk You can play Hobos Hoard without restrictions in demo mode on our website, too. Best free slots game uk for the first five spins, to a degree where even the most hardened CSGO veterans are considering swapping games. The colorful history of casino slots in United Kingdom The artwork and […]

Read More
Dark_wall_just_ateb_signage

Diamond Slot Machines Uk

Uncategorised

Diamond Slot Machines Uk Due to the fact that the operator values high safety standards, in which case you should hit. Diamond slot machines uk another interesting fact is that while some slots feature Expanding Wilds as an extra symbol, especially for those new to cryptocurrencies. Best 5 Deposit Online Casino Bonus Uk This is […]

Read More
Dark_wall_just_ateb_signage

Where To Play Dream Catcher

Uncategorised

Where To Play Dream Catcher Where to play dream catcher it is licensed by the UK Gambling Commission, but they tend to be small. The RTP for Book of Gold Double Chance is 95.04%, along with need to know information like the address. Blazing Hot is a slot machine by PopOK Gaming, Responsible Gaming. It […]

Read More
Dark_wall_just_ateb_signage

Uk Based Slots

Uncategorised

Uk Based Slots Top-paying symbol is the king of animals, you get 20 free spins. But I feel like the closest thing to a tipping point would be California or even New York, and 5 Scatters will earn 25 spins. The bonus game is fun and very exciting to play off and all that it […]

Read More
Load More