The legislation and guidance clarifies that a case by case basis is required with the risk assessed of individual PEPs rather than applying a generic approach to all PEPs. The MLRs set out that all firms must apply a RISK SENSITIVE approach to identifying PEPs and then applying ENHANCED DUE DILIGENCE MEASURES. The FSA has […]

Arms deal man sues Absa over closure of accounts. Politically connected businessman Fana Hlongwane, whose bank accounts were closed after he underwent review as a politically exposed person in 2013, is suing Absa for R7m on the grounds that the closure of his accounts was unlawful and that the bank had violated his constitutional rights. […]

Ukrainian anti-corruption agencies have pledged to act swiftly to identify and punish politicians who acted illegally in accumulating the riches revealed under a new law obliging officials and deputies to disclose their wealth. Tens of thousands of officials at all levels had until Sunday to submit a full statement of their earnings and assets, using […]

THE UK’S RISK-BASED APPROACH TO THE “POLITICALLY EXPOSED PERSONS” REGIME – SECTION 30 OF THE BANK OF ENGLAND AND FINANCIAL SERVICES ACT 2016 The Bank of England and Financial Services Act 2016 (the “Act”) paves the way for a more risk-based approach to the Politically Exposed Persons (“PEPs”) regime in the UK, in response to […]

The Financial Conduct Authority has today fined Barclays Bank £72m for failing to minimise the risk that it may be used to facilitate financial crime. The failings relate to a £1.88bn pound transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high-net-worth clients. The clients involved were politically exposed persons […]

In a little over two years tough new legislation designed to combat money laundering and terrorist financing will be introduced across Europe. The fourth money laundering directive, which replaces the third directive, was agreed in December 2014 following a deal struck between the European Parliament and the European Council. Despite the legislation not taking effect […]

Cyprus’s former interior minister and his son were jailed in Greece on Wednesday for helping a leading Greek politician take millions of euros in kickbacks from arms deals, according to court officials and documents. Dinos Michaelides and his son Michalis were found guilty of money laundering and each sentenced to 15 years in prison, court […]

Former Prime Minister of Mauritius Navin Ramgoolam is set to be released on bail Saturday evening following a decision of court after a bail motion was heard on the same day. The magistrate of the Bail and Remand Court in the capital Port- Louis gave a ruling granting bail to Ramgoolam for a surety of […]