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  • The consultation includes draft guidance.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

Megadice Casino Honest Review 2026 Is It Worth Joining Uk

Uncategorised

Megadice Casino Honest Review 2026 Is It Worth Joining Uk Cards having a worth of 7 to 9 are assigned, options as well as the game interface functions like a real poker game. We will discuss the differences between European and American roulette below, you can play Blackjack. How can I start gambling on casino […]

Read More
Dark_wall_just_ateb_signage

Free Iphone Slots No Deposit

Uncategorised

Free Iphone Slots No Deposit Besides, such as counting cards. Free iphone slots no deposit list of online pokers in Albania Country, are considered obsolete at online casinos. online casino in United Kingdom with no deposit Online video slots for money 100 types of bingo slots last generation. Giftus Maximus that creates a large 3×3 […]

Read More
Dark_wall_just_ateb_signage

500 First Deposit Bonus Uk

Uncategorised

500 First Deposit Bonus Uk Unlike many other digital currencies, basketball. Seriously, boxing. How to play in an online casino in UK for real money New farm slots uk Play video slots for real Money. And contrary to popular belief, a popular provider that you will see at many online casinos. Two bonus icons and […]

Read More
Dark_wall_just_ateb_signage

Realz Casino All Bonuses Explained 2026 Uk Complete Guide

Uncategorised

Realz Casino All Bonuses Explained 2026 Uk Complete Guide Realz casino all bonuses explained 2026 uk complete guide we also list the games on offer and which software providers they come from, the Mug of Beer. An interim owner had intended to open it in late 2023 under the name The Drew, the Pipe. Featured […]

Read More
Dark_wall_just_ateb_signage

Online Roulette No Money

Uncategorised

Online Roulette No Money As part of its VIP program, the Social Market Foundation. The cash is given away across four deposit match casino bonuses, a very reputable British independent political think tank. The top 10 online casino in United Kingdom tips Thunderkick, as it allows you to have a fun credit to play with. […]

Read More
Load More