Domestic PEPs vs Foreign PEPs: Should They Be Treated The Same? Politicians and other high-profile public officials are especially vulnerable to criminal behavior since they wield significant power and have access to a wealth of resources. Therefore, screening for politically […]
Politically exposed person (PEP) screening is crucial to anti-money laundering and combatting the financing of terrorism (AML/CFT) programs worldwide. It helps identify individuals vulnerable to money laundering activities and protect financial systems and their institutions. However, once an individual steps […]
What is an Unexplained Wealth Order? Introduced in the United Kingdom in 2018, unexplained wealth orders (UWO) have become a powerful tool in the fight against money laundering. UWOs are court orders, issued by the UK High Court, that compel […]
What is a Special Interest Person (SIP) And Special Interest Entity (SIE)? As part of customer due diligence, financial institutions not only work to verify the identities of their customers but examine contextual information in order to establish whether those […]
While politically exposed person (PEP) status does not predict criminal behavior, the risk exposure that it brings means that financial institutions must apply additional AML/CFT measures when establishing a business relationship and conduct ongoing monitoring to ensure that they capture […]
Canada’s AML regulations require banks and financial institutions to check whether their clients are a Politically Exposed Person in Canada (or elsewhere) in order to build accurate risk profiles and comply with legislation. PEP screening is required by regulatory authorities […]
What Are RCAs: Relatives And Close Associates? As part of their customer due diligence obligations, banks and financial institutions must establish whether their clients are Politically Exposed Persons (PEP) and at risk of being involved in financial crimes, like money […]
Many uncertainties and misunderstandings surround politically exposed persons (PEPs). Classifying a client as a PEP is part of the process that enables financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) to assess the risks related to PEPs. Since […]
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