PEP declarations are useful. There, I said it. If a client ticks “Yes, I am a politically exposed person”, your job becomes considerably easier. You know that additional scrutiny may be required, and you can move towards the appropriate PEP risk assessment and enhanced due diligence (EDD). The more interesting box is the other one: “No, I’m not a PEP.” What exactly does that answer tell us? It might mean the client is not a PEP. It might also mean they misunderstood the defin

Here is a situation most compliance teams know well. You are onboarding someone who holds a senior public role. There is influence. There may be access to public funds or decision-making power. The risk indicators are there. But then comes the question: are they technically a politically exposed person (PEP)? And suddenly three compliance specialists, Legal and possibly someone from senior management are debating one sentence in the legislation. This is where an internal Seni

The article offers some advice on avoiding pitfalls associated with source of wealth checks.

The article provides a step-by-step explanation of customer due diligence (CDD) measures that anti-money laundering (AML) and countering the

In this article, you will learn step by step how the self-risk assessment of an anti-money laundering (AML) and countering the financing...

Examining the challenging issue of source of funds in the crypto space. You can find the original article written for the International...