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US Agencies issue BSA Due Diligence for PEPs statement

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 […]

FINTRAC issues new PEP guidance

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. […]

AUSTRAC PEP guidance updated

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 […]

EU gets tough on beneficial owners

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 […]