politically exposed persons

On March 16, the Financial Conduct Authority (FCA) released draft guidance (Guidance) for consultation (Consultation) on the treatment of politically exposed persons (PEPs).

Section 333U of the UK’ s Financial Services and Markets Act (FSMA) requires the definition of PEPs in the Guidance be in line with the Money Laundering and Transfer of Funds (Information on the Payer) Regulations 2017 and be consistent with the requirements of when and how to conduct transactions or business relationships with PEPs.
Continue Reading Anti-Money Laundering: FCA Releases Draft Guidance on PEPs for Consultation