A Politically Exposed Person (PEP) is an individual who is or had a prominent public function, either elected or appointed, with substantial authority over policy, operations or the use or allocation of government-owned resources. 30 Upper High Street 134 0 obj <>stream Posted on February 5, 2019 Written by Vanessa Richards. 0000002947 00000 n %PDF-1.3 %���� 0000004607 00000 n That’s our liveness technology. Thame, Oxfordshire Our single API includes one of the industries leading listings of PEPs & sanctions data, enquire now for more details.

<<15F235595E2A9D42A219A98B6675AB04>]>> Fits the profile of being a PEP, i.e entrusted with high-rank prominent public function; Holds a domestically based position, in the same country as yourself. Example of PEPs includes heads of state, members of legislative bodies, government ministers, judges, high ranking members of the armed forces and senior officials of state-owned enterprises. startxref The best decision when onboarding a new client will be to ensure that foreign and domestic politically exposed persons are both taken care of by the risk assessment guidelines of your company. FATF states that a domestic politically exposed person is somebody who: This field is for validation purposes and should be left unchanged. The general PEP definition is primarily based on the Financial Action Task Force (FATF) Guidance on Politically Exposed Persons, but there are official definition… The definitions treat all PEPs equally from a risk approach, and doesn’t go into the granular detail needed to easily differentiate between a low and high risk PEPs. Questions? definition of a PEP. With Sumsub AML screening you are protecting yourself from any reputational risks and gain a deeper insight into your clientele.
FATF Recommendations 2012 - amended June 2019 Methodology 2013 - amended October 2019 Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations - amended October 2019 Schedule some time to talk with one of our experts. Stay updated with Sumsub by signing up for our newsletter.

�zۊ�QaL�kO0����U��%���� �x=M��!��O#��(N�v�ǔ�ш. However, in relation to the international branches of the same bank, the prime minister will be equated to a foreign PEP. If a client does have a PEP status, this does not automatically signify guilt or suggest a link to money laundering activities, it simply means the appropriate due diligence and ongoing monitoring needs to be conducted. Due to the broad scope of who is considered a PEP, determining between a high-risk and low-risk PEPs can be difficult, particularly when you are processing transactions or checks en masse. %%EOF 0000000676 00000 n

PEPs are higher-risk clients for institutions and financial firms to onboard, simply because they are exposed to more opportunities to accept bribes, be involved in corruption by virtue of their position and launder money. In general, while inclusion on a list can confirm that a person is a PEP, not being featured on a list does not exclude the possibility that a person is a PEP. 0000043281 00000 n 0000003013 00000 n 116 0 obj <> endobj NorthRow approach to PEP identification and classification also maps out the relationship between PEPs and legal entities and arrangements, either directly (as director, shareholder, or similar) or indirectly (as ultimate beneficial owner), where such information is publicly known, to help establish if someone is high or low risk. 0000001980 00000 n Although there is no universal domestic PEP definition, it is common to refer to the Financial Action Task Force on Money Laundering standard. For Politically Exposed Persons (PEPs), an inter-governmental body established in 1989, Financial Action Task Force (FATF) a canonical definition.
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