TIP OF THE MONTH

Worldwide, it is extensively recognized that PEPs involve higher risk as a result of their political status (degree of power & influence), which may relate to bribery or corruption. We highly encourage you to consider the FATF guidance on Recommendations 12 and 22 ('FATF guidance') on PEPs which requires implementation

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PEP Screening: The Ultimate Guide

PEPs vary in their backgrounds, which also makes them vary in risk profiles and measures to be taken in regards to them. On top of that, there are issues with false positives, outdated databases, and many other things to consider. ... while entities like the UN or the FATF provide general guidance. What is the role of technology in PEP screening?

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FATF Guidance: Politically Exposed Persons …

This Guidance will assist in the effective implementation of these additional measures for foreign, domestic and international organisation PEPs, their family members and close associates…

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Outcomes of the FATF Plenary, Oslo, 19-21 June 2013

The revised guidance consolidates and updates the previous three FATF guidance papers: ... Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery. Because of the risks associated with PEPs, the FATF Recommendations require the application of additional ...

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Effective Politically Exposed Person (PEP) Screening: Step by Step

Financial Action Task Force (FATF) – Regarding Politically Exposed Persons (PEPs), FATF recommends a risk-based approach without predetermined time limits on how long a person should be considered a PEP. Refer to FATF recommendations 12 and 22 along with the related FATF guidance.

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Politically Exposed Persons

FATF Financial Action Task Force on Money Laundering FATF 40+9 FATF Forty Recommendations on Money Laundering and Nine Special Recommendations on Terrorist Financing FIU fi nancial intelligence unit FSRB FATF-Style Regional Body G20 Group of twenty fi nance ministers and central bank governors

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CENTRAL BANK OF NIGERIA

Regulations 2022, FATF Recommendations, FATF Guidance on PEPs (2013) and Wolfsberg Guidance on PEPs (2017), to assist FIs in the identification and management of risks associated with PEPs. This Guidance provides minimum standards for FIs in their relationships with PEPs and does not limit measures to be

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FATF Recommendations

The FATF Recommendations provide a comprehensive framework of measures to help countries tackle illicit financial flows. These include a robust framework of laws, regulations and operational measures to ensure national authorities can take effective action to detect and disrupt financial flows that fuel crime and terrorism, and punish those responsible for illegal …

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poliTicAlly exposed persons

3. The FATF first issued mandatory requirements covering foreign PEPs, their family members and close associates. 1 in June 2003. 2 In February 2012, the FATF expanded the mandatory requirements to domestic PEPs and PEPs of international organisations, in line with Article 52 of the United Nations Convention against Corruption (UNCAC). 3

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Managing Politically Exposed Person Risks: Insights …

These recommendations provide a framework for identifying, monitoring, and managing PEPs to prevent the misuse of financial systems. This blog explores the challenges and solutions in managing PEP risks, offering …

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Guidance on Beneficial Ownership of Legal Persons

10 March 2023 - In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies. The FATF has now updated the guidance that will help countries implement the revised …

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Understanding PEPs: Definition, Types & Risk Levels According to FATF

Red Flags to Watch Out for PEPs by FATF. Recognizing the potential risks associated with PEPs, the FATF has highlighted several red flags that can indicate suspicious activity. ... Insights from FATF Guidance. November 29 2023 6 mins PEP Sanction Screening - Ensuring Business Security and Compliance. March 25 2021 8 mins ...

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FATF GUIDANCE

3. The FATF first issued mandatory requirements covering foreign PEPs, their family members and close associates. 1 in June 2003. 2 In February 2012, the FATF expanded the mandatory requirements to domestic PEPs and PEPs of international organisations, in line with Article 52 of the United Nations Convention against Corruption (UNCAC). 3

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FinCEN and Banking Agencies Provide

[6] And in 2013, the Financial Action Task Force ("FATF") issued Recommendation 12 which requires countries to ensure that financial institutions implement policies and procedures to detect and stop abuse of the financial system by PEPs.[7] FATF's guidance defines a PEP as an "individual who is or has been entrusted with a prominent ...

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FATF Guidance on the Risk-Based Approach to Combating …

The Guidance on the Risk-Based Approach to combating Money Laundering and Terrorist Financing was developed by the FATF in close consultation with representatives of the international banking and securities sectors. The Guidance supports the development of a common understanding of what the risk-based approach involves, outlines the high-level …

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Guidance on Risk-Based Supervision

This Guidance on risk-based supervision will help supervisors address the full spectrum of risks and focus resources where the risks are highest. The risk-based approach will make supervisors' efforts to detect and prevent the …

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Guidance on Proliferation Financing Risk Assessment and Mitigation

The FATF Guidance on Proliferation Financing Risk Assessment and Mitigation will help countries, financial institutions, designated non-financial businesses and professions DNFBPs and virtual asset service providers effectively implement FATFs requirements to identify, assess, understand and mitigate their proliferation financing risks.

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FATF Recommendations with Interpretive Notes

considering how best to implement the FATF Standards. A list of current FATF Guidance and Best. THE FATF RECOMMENDATIONS INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION 8 2012- 2019 Practice Papers, which are available on the FATF website, is included as an annex to the …

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POLITICALLY EXPOSED PERSONS …

The FATF first issued mandatory requirements covering foreign PEPs, their family members and close associates1 in June 2003.2 In February 2012, the FATF expanded the mandatory requirements to domestic PEPs and PEPs of …

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Politically exposed persons

The requirements set in the FATF Recommendations apply to PEPs, as well as to their family members and close associates. ... The FATF issued guidance for countries on this matter which proposes different methods which may be applied. Reference documents. FATF Guidance 2013 - FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22)

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Effective Politically Exposed Person (PEP) Screening: Step by Step

Financial Action Task Force (FATF) – Regarding Politically Exposed Persons (PEPs), FATF recommends a risk-based approach without predetermined time limits on how …

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Fatf Guidance Politically Exposed Persons (Recommendations 12 …

The document provides guidance on politically exposed persons (PEPs) as defined by FATF recommendations. It discusses definitions of PEPs, the relationship between customer due diligence and PEP requirements, identification of PEPs, scope of PEP status, guidance on determining PEPs, measures for higher risk PEPs, supervision of PEP measures, and other …

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Politically exposed persons

The FATF defines a politically exposed person (PEP) as "an individual entrusted with a prominent public function". Studies undertaken by the FATF and other international organisations …

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FATF Guidance

Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery. Because of the risks associated with PEPs, the FATF Recommendations require the application of additional AML/CFT measures to business relationships with PEPs. These requirements are preventive (not ...

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FATF Guidance on PEP

In February 2012, the FATF expanded the mandatory requirements to domestic PEPs and PEPs of international organisations, in line with Article 52 of the United Nations Convention against Corruption ...

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For

1 FATF GUIDANCE Politically Exposed Persons Recommendations and . 4 FATF classifies PEPs into three categories: Foreign PEPs ... applicable to foreign PEPs. (FATF) Foreign PEPS Foreign PEPs are always considered high risk and require the application of enhanced due diligence (EDD) measures, as is the case for all higher risk ...

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Publications

Publications on FATF's areas of work, from Standard Setting, methods and trends, guidance and best practices. to assessments conducted by the FATF and the FATF-Style Regional Bodies.

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Relevant Provisions of The Central Bank of Nigeria (CBN) Guidance …

This is the basis for the CBN issuing the Guidance notes on PEPs in line with CBN AML/CFT/CPF Regulations 2022, FATF Recommendations, FATF Guidance on PEPs (2013) and Wolfsberg Guidance on PEPs (2017), to assist FIs in the identification and management of …

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Beneficial Ownership & Politically Exposed Persons

diligence for 'foreign,' 'domestic' and 'international organization' PEPs (see: FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22)), for AfDB procurement purposes, the level of required due diligence in any of such cases is the same. In the context of international organizations, 'international organization ...

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What Are PEPs? Definitions, Requirements, And …

FATF guidance on PEP is the standard that countries follow to identify and evaluate risks from PEPs across the globe. In this article, we will dive deep into the definition of PEP and expand our understanding and knowledge …

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