Barclays was dealt the largest disgorgement penalty ever imposed by the FCA, after a damning report found that it was lax in checking rich politically exposed clients, who were part of an “elephant” £1.9 billion “deal of the century”, because…
FATF definition of PEP (Politically Exposed Person)
A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent public function. The best canonical definition of a PEP is provided by FATF. europos use the Financial Action Task Force (FATF) definition of…
AMLD4 and Domestic PEPS
AMLD4, the 4th amendment to the Anti-Money Laundering Act will update the European Union’s existing Anti-Money Laundering and Counter-Terrorist Financing laws by implementing recommendations made by the Financial Action Task Force, the international global standard setting body of AML and…
Politically Exposed Persons: Who They Are and Why They Matter
In the world of finance, the phrase “politically exposed person|politically exposed persons”, otherwise known as PEP, is one that you will often see. The basic definition of this term is an individual who has a well-known public function, or an…