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 […]

The Wolfsberg Group is pleased to publish updated guidance as to how Financial Institutions (FIs) should handle the money laundering risks posed by Politically Exposed Persons (PEPs). This updates the guidance initially issued in 2003 and the Frequently Asked Questions issued in 2008. Addressing the financial crime risks posed by PEPs remains as relevant now […]