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For the purposes of subsection 9.3(1) 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: (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 ...
A Guide to Effective Politically Exposed Person (PEP) Screening. The purpose of this guide is to equip you with the knowledge and tools required to effectively manage risks related to PEPs and meet regulatory expectations in the ongoing battle against money laundering. />. Money laundering scandals involving politically exposed persons (PEPs ...
Oct 12, 2021 · A Politically Exposed Person (PEP) is an individual who has been entrusted with a prominent public function, either domestically or internationally. Due to their position and influence, PEPs are at a higher risk of being involved in bribery, corruption, or money laundering. The Financial Action Task Force (FATF) provides a detailed framework to ...
Meaning of a Politically Exposed Person (PEP) is a person who is prone to engage in bribery or corruption due to their prominent position or influence. The potential risk of using titles for criminal activity makes them high-risk individuals. Among PEPs, there are different levels in terms of risk levels. For instance, foreign PEPs generally ...
business relationships with Politically Exposed Persons (PEPs) whom may be vulnerable to corruption thus may portend reputational and financial crime risks to the FI. PEPs pose a high risk of money laundering, financing of terrorism and proliferation financing (ML/FT/PF) due to the possibility that individuals holding such positions may
10. For the purpose of this guidance paper, the definitions set out in the Glossary to the FATF Recommendations apply.5 The FATF Glossary definition of politically exposed person is meant to have the same meaning as the term persons with prominent public functions (as used in UNCAC Article 52). 11.
Data sources 43. Politically Exposed Persons (PEPs) is a collection dataset which bundles together entities from the following sources: A politically exposed person (PEP) is a person that has been entrusted with a prominent public function. PEPs include elected officials and members of government.
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