Politically exposed persons, who are treated as high-risk customers under anti-money laundering and counter-terrorism financing law, may continue to pose a high risk even after they cease holding a public position. The anti-money laundering and counter-terrorism financing regulator Austrac has issued a draft guidance note spelling out its definition of a politically exposed person, with […]

A draft guidance note, on the key terms used in the ‘politically exposed person’ (PEP) definition in the AML/CTF Rules, has been released for public consultation. The purpose of this guidance note is to assist reporting entities in understanding key terms used in the PEP definition in Chapter 1 of the AML/CTF Rules (relating to […]

In Angela Burns v The Financial Conduct Authority [2014] UKUT 0509 (TCC) the Upper Tribunal held that Ms Burns was not fit and proper, as she failed to disclose conflicts of interests in relation to her role as a non-executive director for two organisations. Ms Burns challenged an FSA (the predecessor of the FCA) decision […]

A bill passed by Swiss lawmakers to strengthen money laundering laws will also subject public figures in the country, such as the leaders of Swiss-based international sports bodies, to increased financial scrutiny.16 Dec 2014 Banking & Restructuring Financial services regulation Sport Core Industries & Markets Europe Politicians and officials of international organisations based in Switzerland […]

For the purpose of this guidance paper, the definitions set out in the Glossary to the FATF Recommendations apply.5 The FATF Glossary definition of politically exposed person is meant to have the same meaning as the term persons with prominent public functions (as used in UNCAC Article 52). In particular, the following definitions, which do […]