Politically Exposed Persons (PEP)
Agencies Issue Statement on Bank Secrecy Act Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons Immediate Release August 21, 2020 WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of […]
Perhaps you’d like this very detailed one from a Thai guidance document’s appendix: Appendix Account of the positions taking political status in Thailand according to the announcement of the Anti-Money Laundering Office on person with political status Person with political status in Thailand according to the announcement of the […]
On October 30th, the Danish regulator Finanstilsynet issued an updated list of Politically Exposed Persons (PEP) in Denmark. This list is composed of PEPs reported by organizations who are obligated to report the names and dates of birth of PEPs associated with them under the country’s PEP Executive Order. And […]
Frequently Asked Questions in relation to Politically Exposed Persons in Canada and Heads of International Organizations According to the Financial Action Task Force, which establishes international standards to combat money laundering and terrorist financing, a politically exposed person is an individual who is or has been entrusted with a prominent public function. […]
FINTRAC’s new guideline sets the expectations for identifying who is a foreign or domestic Politically Exposed Person (PEP) or a head of an international organization (HIO) and who fits that definition. Here’s the relevant part of the general obligation: Part of knowing your clients is determining whether a person is […]
Some tidbits from AUSTRAC's web pages (courtesy of the e-news newsletter), which were recently updated. Here's how they define “prominent public functions” (a cornerstone of many PEP definitions): This term relates to functions which may exist at the Commonwealth, state and territory levels or their foreign equivalents. The meaning of […]
The European Parliament voted to amend the draft Anti-Money Laundering Directive (AMLD) so that beneficial owners of EU companies and trusts would have to be listed in public registries, which would be shared across Europe: Under the anti-money laundering directive (AMLD), as amended by the vote, a public central register […]
