Tag Archives: PEP

FCA finalises PEP guidance

FCA has published its finalised guidance on the treatment of PEPs for AML purposes. It received 43 responses to its consultation on the guidance, all but one of which was in favour of guidance being issued, but many of which raised significant comments. FCA has responded to the comments and made some changes to clarify […]

Wolfsberg Group updates ABC guidance

The Wolfsberg Group has updated its guidance for financial institutions on how to construct an effective ABC compliance programme. Recent papers focus on particular issues such as PEPs. This paper focuses on how institutions manage their ABC risks in respect of behaviour of employees and third parties acting on their behalf. It also looks at […]

Wolfsberg Group updates PEP FAQs

The Wolfsberg Group has updated its 2008 FAQs on PEPs. The new guidance clearly positions the PEP control framework within the risk based approach, and suggests an appropriate tailored manner of dealing with PEPs. It notes  that although the definition of PEP is becoming wider, it is still appropriate for financial institutions to focus their […]

FCA consults on PEP treatment

FCA has published a guidance consultation on treatment of PEPs under the draft 2017 MLRs. FCA is obliged to issue the guidance, which it says it has prepared using information it has on when firms have not applied CDD measures that were proportionate with the risk a PEP posed. The draft guidance stresses that is […]

FCA gets tough on AML failings

FCA has fined Sonali Bank £3,250,600 and restricted it from accepting deposits from new customers for 168 days, and also fined the bank’s former MLRO £17,900 and banned him from performing the MLRO or compliance oversight functions. FCA found the bank had serious and systemic weaknesses at almost every level of its AML control and […]