Compliance Consultancy
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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!

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