Politically exposed persons

Print, Save, A politically exposed person PEP is someone who’s been appointed by a community institution, an international body or a state, including the UK, to a high-profile position within the last 12 months, Under anti-money laundering regulations, the main aim of applying additional scrutiny to work involving PEPs is to mitigate the risk

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Politically ExPosEd PErsons

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EC with regard to the defi nition of ‘politically exposed person’ and the technical criteria for simplifi ed customer due diligence proce- dures and for exemption on grounds of a fi nancial

politically exposed person Definition: 512 Samples

politically exposed person means an individual who is, or has at any time in the preceding 12 months been, entrusted with a prominent public function, including either of the following individuals but not including any middle ranking or more junior official : Sample 1, …

Politically exposed persons

Politically exposed persons, The FATF defines a politically exposed person PEP as “an individual entrusted with a prominent public function”, Studies undertaken by the FATF and other international organisations identified that the positions held by PEPs are vulnerable to abuse for the purposes of corruption, ML and potentially TF,

The 4 Quadrants of Politically Exposed Persons

The term “politically exposed person”, sometimes used interchangeably with “Senior Foreign Political Figure”, emerged in the late 1990s in the wake of the Abacha Affair: a money-laundering scandal in Nigeria which galvanized global efforts to prevent abuse of the financial system by political figures, Politically Exposed Person Criteria , Providing a politically exposed person list is

Documents

A politically exposed person PEP is an individual who is or has been entrusted with a prominent function, Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery, Because of the risks associated with PEPs, the FATF Recommendations require the application of additional AML/CFT measures to business

Politically exposed persons and heads of international

For the purposes of subsection 9,31 of the Act, a prescribed family member of a politically exposed foreign person, a politically exposed domestic person or a head of an international organization is: Footnote 22 a their spouse or common-law partner; b their child; c their mother or father; d the mother or father of their spouse or common-law partner; or e a child of their mother

AML/CFTR 1,3,6 Politically exposed persons, their family

AML/CFTR 1,3,6 Politically exposed persons, their family members and associates, 1 A politically exposed person PEP means an individual who is, or has been, entrusted with prominent public functions, Unless the context requires otherwise, a reference to a PEP in these rules includes a family member of the PEP or a close associate of the PEP,

EUR-Lex

In order to provide for a coherent application of the concept of politically exposed person, when determining the groups of persons covered, it is essential to take into consideration the social, political and economic differences between countries concerned, 2 Institutions and persons covered by Directive 2005/60/EC may fail to identify a customer as falling within one of the politically

Implementation of the 5th AML Directive in Luxembourg

In addition, the AML/CTF Law enlarged the definition of “politically exposed person” PEP which now includes persons exercising functions that are mentioned on the list regarding prominent public functions which will be made public by the European Commission, There is no longer any reference to the fact that if such person has not been entrusted with prominent public functions …

Politically Exposed Person

A politically exposed person also called a And in respect of any of the above positions or offices, the person’s: Spouse, Common law partner, Children, Parents, In-laws, Siblings, Associates, It includes persons who are closely associated with the PEP in business or personally, such business partners, joint venturers, mistresses, etc, Canadian Domestic PEP , Under Canadian law only, a

Politically Exposed Persons PEPs

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Politically Exposed Persons PEPs Jason Sharman Griffith University, Australia, 2 Introduction • The issue of PEPs is one of the most important points of intersection between AML and anti-corruption efforts, • Grand corruption: to the extent that the PEPs regime can be made more effective we can expect huge benefits in economic and general well-being, • Dealing with corrupt PEPs most

Politically exposed person

Overview

Politically Exposed Persons PEPs Screening Requirements

Politically exposed person screening requirements may also apply to relatives and close associates RCAs of PEPs, RCAs are at risk of money laundering as a result of their professional or social proximity to PEP-status individuals, Global PEP Regulations, North America, Obligation for PEP screening: Yes Obligation for foreign PEP screening: Yes Obligation for domestic PEP screening: Yes