Who qualifies as a PEP?
In basic terms, a Politically Exposed Person is someone who, through their prominent position or influence, is more susceptible to being involved in bribery or corruption.
How do you identify a PEP?
FATF Recommendation 12 defines a PEP as being someone who has been (but may no longer be) entrusted with a prominent public function. The language of Recommendation 12 is consistent with a possible open-ended approach (i.e. “once a PEP–could always remain a PEP”).
What is considered a politically exposed person?
A PEP is an individual who holds a prominent public position or role in a government body or international organisation, either in Australia or overseas. Immediate family members and/or close associates of these individuals are also considered PEPs.2022-03-16
How do you determine a PEP?
Businesses are not required to perform extensive investigations to determine if an individual is a PEP. Rather, this can be achieved via a simple AML check which includes a screen against a register of publicly known individuals with public functions, their associates and close family.
Who are all considered as PEP?
Domestic PEPs: individuals who are or have been entrusted domestically with prominent public functions, for example Heads of State or of government, senior politicians, members of parliament, senior government, judicial or military officials, senior executives of state owned corporations, important political party
Is a PEP always a PEP?
Recommendation 12 also defines a PEP as being someone who has been (but may no longer be) entrusted with a prominent public function. The language of Recommendation 12 is consistent with a possible open ended approach (i.e., “once a PEP could always remain a PEP”).
What is an example of a politically exposed person?
Examples of PEPs include heads of state, government ministers or equivalent politicians, senior government executives, high-ranking judges, high-ranking military officers, central bank governors, or board members or executives of an international organisation.2022-03-16
Are you a politically exposed person PEP )?*?
Who is classified as a Politically Exposed Person (PEP)? Anyone who presents a higher risk for potential involvement in bribery and corruption by virtue of their position is considered a PEP. Anyone currently or formerly holding such a position could be a PEP.
Who would be a politically exposed person?
A politically exposed person is an individual with a high profile political role, or someone who has been entrusted with a prominent public function. These individuals present a higher risk of involvement in money laundering and/or terrorist financing because of the position they hold.
Who are considered politically exposed persons in the Philippines?
“Politically Exposed Person” (PEP) refers to an individual who is or has been entrusted with prominent public position in (a) the Philippines with substantial authority over policy, operations or the use or allocation of government-owned resources; (b) a foreign State; or (c) an international organization.
How do I know if I am a PEP?
The definition of a politically exposed person is an individual who is or has been entrusted with a prominent public function. Due to their position and influence, PEPs are at higher risk to be involved in money laundering and related predicate offences, including corruption and bribery.2020-11-02
What are the three types of PEP?
Types of PEPs. The AML/CTF Act identifies three types of PEPs. Domestic PEP someone who holds a prominent public position or role in an Australian government body. Foreign PEP someone who holds a prominent public position or role with a government body in a country other than Australia.2022-03-16
Used Resourses:
- https://www.austrac.gov.au/business/how-comply-and-report-guidance-and-resources/customer-identification-and-verification/politically-exposed-persons-peps
- https://risk.lexisnexis.com/insights-resources/article/what-is-a-politically-exposed-person
- https://fareezlaw.com/amla/politically-exposed-persons-peps-malaysia/
- https://veriphy.com/what-is-a-politically-exposed-person-pep/
- https://en.wikipedia.org/wiki/Politically_exposed_person
- http://www.amlc.gov.ph/13-laws
- https://www.austrac.gov.au/business/how-comply-and-report-guidance-and-resources/customer-identification-and-verification/politically-exposed-persons-peps
- https://www.lexisnexis.com/risk/intl/en/resources/infographics-factsheets/pep-quick-reference-sheet.pdf
- https://en.wikipedia.org/wiki/Politically_exposed_person
- https://complyadvantage.com/insights/politically-exposed-persons/
- https://www.idnow.io/glossary/politically-exposed-person-pep/
- https://tier1fin.com/alessa/blog/how-to-check-pep/
- https://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-PEP-Rec12-22.pdf
- https://www.austrac.gov.au/business/how-comply-and-report-guidance-and-resources/customer-identification-and-verification/politically-exposed-persons-peps
- https://www.fatf-gafi.org/documents/guidance/documents/peps-r12-r22.html
