Compliance Consultancy
Risk management and Consultancy firm

Politically Exposed Persons

Compliance Consultancy Financial Crime Politically Exposed Persons

As part of their KYC procedure, financial firms submitted to AML regulation must list and apply higher vigilance standards to their PEPs.

What is a Politically Exposed Person (PEP) ?

What is a PEP ? Politically Exposed Person - KYC & AML
A politically exposed person (PEP) is a person who currently occupies or previously held a significant public position, as well as their immediate family and close friends. Due to the nature of their position and power, PEPs are seen to be at a higher risk of engaging in corruption, bribery, and money laundering.

Heads of state, public servants, top military leaders, and managers of state-owned businesses are a few examples of PEPs. Close relatives and immediate family members of PEPs can include spouses, kids, parents, siblings, and business partners.

What obligations do financial institutions have towards PEPs?

To reduce the danger of money laundering and other financial crimes, financial institutions like banks are expected to have heightened due diligence procedures in place when dealing with PEPs and their associates.

The Anti-Money Laundering Directive and the Belgian National Act provide that financial institutions must have "adequate risk management systems, including appropriate risk-adjusted procedures, to determine whether the client, an agent of the client or the beneficial owner of the customer is or has become a politically exposed person ."
AML Directive PEP

How can Pideeco help you with Politically Exposed Persons?

Our decade-long experience in compliance and the financial sector can help your company to:

- Analyze your current PEP-detection systems and create a gap analysis together with a mitigating action plan.

- Draft or improve your current policies and procedures concerning PEPs.

- Execute a lookback to find any PEPs that were not screened by your systems.

- Research any negative news and sift through sanction and blacklists to spot any high-risk PEPs.

- Screen PEPs on your behalf.

- Carry out enhanced due diligence procedures towards PEPs on your behalf.

- Carry out annual EDD revisions of PEPs on your behalf.

- Create comprehensive analysis templates with the material impact of the PEP on the transaction or service.

Let us know how we can help! We'll get back to you lightning quick!

You'd rather talk face to face? Complete the form and schedule a meeting

Was this service page helpful ?  
Insider Dealing - Compliance Consultancy
Insider Dealing

Insider dealing (the term "insider trading" is also frequently used) arises w...

Customer Due Diligence - Compliance Consultancy
Customer Due Diligence

Customer due diligence (CDD) is the process of verifying the identity of a customer o...

Terrorist Financing - Compliance Consultancy
Terrorist Financing

The financing of terrorism is defined as the distribution or collection of funds, in ...

Market Abuse - Compliance Consultancy
Market Abuse

Financial markets have become increasingly global, giving rise to new trading platfor...

FATCA - Compliance Consultancy

What is FATCA?FATCA is the US Foreign Account Tax Compliance Act, enacted in 2010 to ...

Anti Money Laundering - Compliance Consultancy
Anti Money Laundering

Anti-money laundering (AML) is an important aspect of the financial industry because ...

Screening - Compliance Consultancy

Businesses and financial institutions continuously face risks and obligations, such a...

MiFID MiFIR - Compliance Consultancy

What is MiFID II and MiFIR?The Directive 2014/65/EU (hereafter the "Directive"...

Payment Service Directive 2 - Compliance Consultancy
Payment Service Directive 2

Since 2007, the technological development and the growth of electronic and mobile pay...

Know Your Customer - Compliance Consultancy
Know Your Customer

Financial institutions must be able to identify and verify the identity of their cust...

Politically Exposed Persons - Compliance Consultancy
Politically Exposed Persons

As part of their KYC procedure, financial firms submitted to AML regulation must list...

Anti Bribery and Corruption - Compliance Consultancy
Anti Bribery and Corruption

Fighting against dumping and bribery is required for any company. Suspicions of corru...

Common Reporting Standard - Compliance Consultancy
Common Reporting Standard

What is the Common Reporting Standard (CRS)?Following the 2010 US Foreign Account Tax...

Sanctions and Embargoes - Compliance Consultancy
Sanctions and Embargoes

What is an embargo?As a result of globalization, businesses are more likely to face t...

Cryptocurrencies - Compliance Consultancy

What are the dangers of cryptocurrencies?Cryptocurrencies are virtual or digital curr...

Cybersecurity - Compliance Consultancy

Faced with the outbreak of highly targeted attacks, risk management and information s...

Anti Fraud - Compliance Consultancy
Anti Fraud

Fraud is a significant risk for businesses, with technological advancements leading t...

Get in touch with us - Compliance Consultancy
Get in touch !

We'll present you the technology to stop money laundering and terrorist financing

Europol defines Financial Crime as "illegal acts committed by an individual or a group of individuals to obtain a financial or professional advant...

Return to financial crime
Discover Pideeco Compliance Services and Business solutions for your operational business needs
Domain Experts
Stefano Siggia - Pideeco Network Partner
Stefano Siggia
Senior Consultant
Andre Figueira De Carvalho - Pideeco Network Partner
Andre Figueira De Carvalho
Junior Consultant
Pavel Matejka - Pideeco Network Partner
Pavel Matejka
Senior Consultant
Michel Cliquet - Pideeco Network Partner
Michel Cliquet
Senior Consultant
How to book a good consultant for your projects?
Piet De Vreese

From an extra pair of hands to the person that advises on strategical decisions and the future of your company, consultants have become an important and integral part of companies and financial institutions all over world. The consultancy industry has grown exponential...

Read more Author What else ?
How to book a good consultant for your projects? - Pideeco Journal