Search results
Politically Exposed Persons Examination and Testing Procedures. Objective: Evaluate the bank’s policies, procedures, and processes to assess, manage, and mitigate potential risks associated with foreign individual customers who the bank has designated as politically exposed persons (PEPs). Evaluate the bank’s compliance with regulatory ...
Print. 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. The main aim of applying additional scrutiny to work involving PEPs is to mitigate the risk that the proceeds of bribery and corruption ...
politically exposed persons Objective: Evaluate the bank's policies, procedures, and processes to assess, manage, and mitigate potential risks associated with foreign individual customers who the bank has designated as politically exposed persons (PEPs).
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 . In addition, any close business associate or family member of such a person will also be deemed as being a risk, and therefore could also be added to the PEP list.
Professional Service Providers — Overview. Objective. Assess the adequacy of the bank’s systems to manage the risks associated with professional service provider relationships, and management’s ability to implement effective due diligence, monitoring, and reporting systems.
Politically exposed persons (PEPs) A PEP is an individual who holds a prominent public position or role in a government body or international organisation, either in Australia or overseas. Immediate family members and/or close associates of these individuals are also considered PEPs. PEPs often have power over government spending and budgets ...
Mar 18, 2024 · What is a PEP / Politically Exposed Persons? 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. Why should this be of money laundering concern?
