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PEPs, CDD and POCA: answering your questions | The Law Society
Our Practice Advice Service answers your anti-money laundering questions on politically exposed persons (PEPs), customer due diligence (CDD) and the Proceeds of Crime Act 2002 (POCA).
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Politically Exposed Persons Regime
Politically Exposed Persons Regime 4 Commons Library Research Briefing, 16 February 2022 Summary What are PEPs? Politically exposed persons (PEPs) are individuals around the world with “prominent public functions”. Obvious examples are Government Ministers and Members of Parliament.
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High-risk customers, including politically exposed persons
Politically exposed persons (PEPs) are individuals whose prominent position in public life may make them vulnerable to corruption. The definition extends to immediate family members and known close associates.
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FG17/6: The treatment of politically exposed persons for anti-money ...
1.1 In March 2017, we consulted on guidance in connection with politically exposed persons (‘PEPs’) under section 333U of the Financial Services and Markets Act 2000 (section 333U’). Section 333U contained a duty on the FCA to issue guidance in connection with PEPs prior to the coming into force of regulations transposing the fourth money
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ECSH33337 - Checking customer due diligence: testing ... - GOV.UK
Regulation 35(12) of MLR 2017 defines a Politically Exposed Persons (PEP) as an individual who is entrusted with prominent public functions, excluding middle-ranking or more junior officials.
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What is a Politically Exposed Person? - LexisNexis Risk Solutions
In basic terms, a Politically Exposed Person is someone who, through their prominent position or influence, is more susceptible to being involved in bribery or corruption.
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Politically Exposed Persons Regime - House of Commons Library
Politically exposed persons (PEPs) are individuals around the world with “prominent public functions”. Obvious examples are Government Ministers and Members of Parliament. The law recognises the risk of PEPs abusing their positions for private gain and using the financial system to launder the proceeds of this abuse.
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The treatment of politically exposed persons | FCA
This review sets out our findings on how effectively firms are following our current Guidance on the treatment of politically exposed persons (PEPs) for anti money-laundering purposes.
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FCA launches review of treatment of Politically Exposed Persons
The FCA has today set out issues it will consider as part of a review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms. The FCA’s review will look carefully at firms’ arrangements for dealing with PEPs based in the UK.
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What Is a Politically Exposed Person? - PDA legal
A Politically Exposed Person includes individuals who hold or have held influential public roles. This designation extends beyond the individual to include their immediate family members and close associates, who may also be at elevated risk of engaging in or benefiting from corrupt activities.
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FG17/6: The treatment of politically exposed persons for anti-money ...
We are publishing finalised guidance for how financial services firms should treat customers who are politically exposed persons when meeting their anti-money laundering obligations. In March 2017, we consulted on guidance (GC17/2) in connection with politically exposed persons (PEPs).
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Politically Exposed Persons: What Is A PEP? - Financial Crime Academy
A politically exposed person (PEP) is someone who has a high-profile political role or has been entrusted with a prominent public function. Because of their position, they are more likely to be involved in money laundering and/or terrorist financing.
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What is a politically exposed person (PEP)? - ComplyAdvantage
A politically exposed person (PEP) is an individual with a high profile political role, or someone who has been entrusted with a prominent public function. These individuals present a higher risk of involvement in money laundering and/or terrorist financing because of the position they hold.
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What is a Politically Exposed Person (PEP)? - LexisNexis
In basic terms, a Politically Exposed Person is someone who, through their prominent position or influence, is more susceptible to being involved in bribery or corruption.
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Politically exposed persons - Committee of Experts on the Evaluation of ...
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.
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Politically Exposed Persons (PEPs): The Definitive Guide - dnb.co.uk
Politically exposed persons can pose severe risks to businesses. Learn more about PEPs & how to mitigate the reputational & transactional risks they present.
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poliTicAlly exposed persons - Financial Action Task Force
A politically exposed person (PEP) is defined by the Financial Action Task Force (FATF) as an individual who is or has been entrusted with a prominent public function.
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What is a Politically Exposed Person? - Politics.co.uk
A politically exposed person (PEP) is “an individual who is entrusted with prominent public function, other than as a middle-ranking or more junior official”. This includes all UK ministers, MPs, ambassadors, and supreme court judges.
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FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22)
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.
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Politically exposed persons - The Law Society
A politically exposed person (PEP) is someone who has 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.
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