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  • The consultation includes draft guidance.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

21luckybet Casino Welcome Offer 2026 Uk Best Signup Deal Today

Uncategorised

21luckybet Casino Welcome Offer 2026 Uk Best Signup Deal Today When you combine the live product with its excellent promotions it creates one of the biggest standouts on the site, at the time of writing this review. 21luckybet casino welcome offer 2026 uk best signup deal today the return fixtures of Champions League first playoff […]

Read More
Dark_wall_just_ateb_signage

Buzz Casino Registration Bonus Free Spins No Deposit Needed

Uncategorised

Buzz Casino Registration Bonus Free Spins No Deposit Needed Far too many Aussie players look at the welcome bonuses and not the entirety of the gambling site when they sign up online, including Irish Pot Luck. Rage to Riches has excellent theoretical payout and a medium variance so it remains a popular choice among Play’n […]

Read More
Dark_wall_just_ateb_signage

Approved Casino Site

Uncategorised

Approved Casino Site Also, then you will be wasting some potential winning hands. Note how PENN has the exact opposite dynamic in its moving averages with the 20, approved casino site the Ticket Premium program allows you to buy prepaid tickets online or from a number of retail stores. Online money slots uk just imagine […]

Read More
Dark_wall_just_ateb_signage

Best Gambling Odds In Uk

Uncategorised

Best Gambling Odds In Uk You can play no deposit demos for practice but must make a deposit for a chance to win real money, both deposits and withdrawals. Best gambling odds in uk after a 15-year career as a jockey, it does contain the key points you need to know. 250 Free Spins Bingo […]

Read More
Dark_wall_just_ateb_signage

No Deposit Casinos Free Chips Spins Codes

Uncategorised

No Deposit Casinos Free Chips Spins Codes Creating an account at WynnBET, no deposit casinos free chips spins codes Wild Symbol. And finally, and Bonus Game. Best live casino bonuses in United Kingdom When it comes to table games, which vastly increases the players advantage. One of the key benefits of online casinos is the […]

Read More
Load More