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Moody's Analytics has outlined its guidance for effective PEPs screening. 1. Apply the definition of PEPs to individuals There is no single, globally accepted definition for PEPs, however FATF's guidance is most widely adopted: "A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent function ...
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Bearing in mind the broad scope of what is a PEP, the FATF has further divided PEPs into three primary categories, namely Foreign, Domestic, and International Organization PEPs. Foreign PEPs: These are individuals who hold or have held prominent public positions in a foreign country. The risk associated with foreign PEPs is generally higher due ...
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supervisors that formulates broad supervisory standards and guidance for implemen-tation by its members, made plain the drawbacks of insufÞ cient action for the interna- ... quirements on PEPs, especially among FATF members. Of the 124 countries assessed by FATF or by FATF-Style Regional Bodies, 61 percent were noncompliant and 23 percent
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3. The FATF first issued mandatory requirements covering foreign PEPs, their family members and close associates. 1 in June 2003. 2 In February 2012, the FATF expanded the mandatory requirements to domestic PEPs and PEPs of international organisations, in line with Article 52 of the United Nations Convention against Corruption (UNCAC). 3
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FATF GUIDANCE POLITICALLY EXPOSED PERSONS (RECOMMENDATIONS 12 AND 22) 2013 5 Domestic PEPs: individuals who are or have been entrusted domestically with prominent public functions, for example Heads of State or of government, senior politicians, senior government, judicial or military
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FATF work to combat corruption, and welcomes continued engagement on these issues. ... (PEPs), requiring countries to have mechanisms in place to recover through confiscation the proceeds of ... The purpose of this paper is to provide guidance and best practices to …
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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). In particular, the following definitions, which do […]
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These recommendations provide a framework for identifying, monitoring, and managing PEPs to prevent the misuse of financial systems. This blog explores the challenges and solutions in managing PEP risks, offering …
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FATF Financial Action Task Force on Money Laundering FATF 40+9 FATF Forty Recommendations on Money Laundering and Nine Special Recommendations on Terrorist Financing FIU fi nancial intelligence unit FSRB FATF-Style Regional Body G20 Group of twenty fi nance ministers and central bank governors
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Worldwide, it is extensively recognized that PEPs involve higher risk as a result of their political status (degree of power & influence), which may relate to bribery or corruption. We highly encourage you to consider the FATF guidance on Recommendations 12 and 22 ('FATF guidance') on PEPs which requires implementation
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Politically Exposed Persons (PEPs) Guidance Note B. CATEGORIES OF PEPs The FATF definition of PEPs identifies Foreign PEPs, Domestic PEPS, International Organisations PEPs and Individuals who are closely related to or close associates of a PEP. 1. Foreign PEPs: individuals who are or have been entrusted with prominent public functions by a
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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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Regulations 2022, FATF Recommendations, FATF Guidance on PEPs (2013) and Wolfsberg Guidance on PEPs (2017), to assist FIs in the identification and management of risks associated with PEPs. This Guidance provides minimum standards for FIs in their relationships with PEPs and does not limit measures to be
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The FATF Recommendations provide a comprehensive framework of measures to help countries tackle illicit financial flows. These include a robust framework of laws, regulations and operational measures to ensure national authorities can take effective action to detect and disrupt financial flows that fuel crime and terrorism, and punish those responsible for illegal …
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The requirements set in the FATF Recommendations apply to PEPs, as well as to their family members and close associates. ... The FATF issued guidance for countries on this matter which proposes different methods which may be applied. Reference documents. FATF Guidance 2013 - FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22)
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FATF Recommendation 12 mandates that financial institutions implement measures to identify and manage risks associated with PEPs. This includes: Establishing appropriate risk management systems to determine …
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25 February 2025. Changes to FATF Standards. The Financial Action Task Force (FATF) has today updated its Standards after the February 2025 FATF Plenary approved changes to Recommendation 1 and its Interpretive Note, with corresponding amendments to Interpretive Notes to Recommendations 10 and 15, as well as related Glossary definitions to better support …
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1 FATF GUIDANCE Politically Exposed Persons Recommendations and . 4 FATF classifies PEPs into three categories: Foreign PEPs ... applicable to foreign PEPs. (FATF) Foreign PEPS Foreign PEPs are always considered high risk and require the application of enhanced due diligence (EDD) measures, as is the case for all higher risk ...
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FATF Guidance: The Implementation of Financial Provisions of United Nations Security Council Resolutions to Counter the Proliferation of Weapons of Mass Destruction. 5 Mar 2013. National money laundering and terrorist financing risk assessment. 24 Feb 2013.
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The FATF defines a PEP as an individual who has been entrusted with a prominent public function. The position and influence held by a PEP could expose your business to heightened potential for AML˜, CTF˚, sanctions and anti-bribery and corruption compliance risks. PEPs cover several categories Executive Body Heads of state, heads
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In February 2012, the FATF expanded the mandatory requirements to domestic PEPs and PEPs of international organisations, in line with Article 52 of the United Nations Convention against Corruption ...
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The FATF first issued mandatory requirements covering foreign PEPs, their family members and close associates1 in June 2003.2 In February 2012, the FATF expanded the mandatory requirements to domestic PEPs and PEPs of …
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The FATF has developed guidance which will assist in the effective implementation of these additional measures for foreign, domestic and international organisation PEPs, their family members and close associates, as set out in Recommendations 12 and 22.
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Article 15 of the AML-CFT Decision and the FATF standards impose specific Customer Due Diligence (CDD) obligations on LFIs with respect to Customers that are Politically Exposed …
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Financial Action Task Force (FATF) – Regarding Politically Exposed Persons (PEPs), FATF recommends a risk-based approach without predetermined time limits on how long a person should be considered a PEP. Refer to FATF recommendations 12 and 22 along with the related FATF guidance.
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This FATF Guidance aims to provide support in designing Anti-Money Laundering and Terrorist Financing (AML/CFT) measures that meet the goal of financial inclusion, without compromising the measures that exist for the purpose of combating crime. The revised Guidance, reflects the changes made to the FATF Recommendations in 2012 and focuses in particular on the …
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To address these risks, FATF Recommendations 12 and 22 require countries to ensure that financial institutions and designated non-financial businesses and professions (DNFBPs) …
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Politically Exposed Persons (PEPs) Guidance Note (a) and (b);" The FATF definition of a PEP bears much similarity to that contained in the FORs. FATF defines a PEP as "an individual who is or has been entrusted with a prominent public function." The FATF recognizes that,
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The FATF Recommendations, adopted in February 2012, require that additional measures for specific customers and activities are in place. Specifically, appropriate risk management systems need to be in place to determine …
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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 …
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