MLROs should treat domestic PEPs the same as foreign ones, says FSA – Firms should treat domestic politically exposed persons in much the same way they treat foreign PEPs, the Financial Services Authority told money laundering reporting officers yesterday. HM Treasury also told the MLROs that it was thinking about extending the time limit that firms needed to take account of PEPs when they had left office.
Edna Young, the FSA’s financial crime operations manager, told MLROs that the regulator planned to conduct an AML project focussing on high-risk customers and the services of banks. The project will focus on
- PEPs,
- correspondent banking,
- as well as cross-border wire transfers.
Young, who was speaking at the seventh annual Institute of Money Laundering Reporting Prevention Officers conference in the Forest of Arden, Birmingham, said that she expected firms to conduct enhanced due diligence monitoring on their higher-risk customers, including domestic PEPs. “Someone in a senior position in a corrupt country is going to be a huge risk and we would expect
Loading...