Who is classed as a politically exposed person PEP?

In financial regulation, a politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold.

Who are group PEPs?

Generally, senior government officials, their family members, close associates, and senior executives of any state-owned business enterprise are defined as PEPs. Officials of major political parties are defined as PEPs.

Do estate agents need to do AML checks?

As estate agencies are covered by Money Laundering Regulations, agents are legally obliged to take customer due diligence measures to limit the risk of being used to facilitate the flow of illicit money. One common measure is the so-called AML check.

Who is politically exposed person in India?

PEP is a person who is authorised to perform prominent public functions in a country and include governors of state, members of Parliament, military officers, senior government and judicial executives and heads of local bodies such as municipal corporations, among others.

Can a company be a politically exposed person?

Domestic PEPs: individuals who are or have been entrusted domestically with prominent public functions, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials.

Is PEP screening mandatory?

The Statement affirms that (i) there is no regulatory requirement, and no supervisory expectation, for banks’ Bank Secrecy Act (BSA) / anti-money laundering (“AML”) programs to include “unique, additional due diligence steps” for customers who are PEPs and (ii) there is no regulatory requirement for banks to screen …

Which 3 of these would be politically exposed persons PEPs?

Types of PEPs- Who is a Politically Exposed Persons (PEP)? Legislative and Bodies: Members of Parliament. Executive Bodies: Cabinet and assistant ministers. Judiciary Bodies: People working within supreme courts, constitutional courts, or high-level judicial bodies.

What are AML checks?

An Anti-Money Laundering check is a process your business needs to undertake to prevent Money Laundering activity. An AML check should include Know Your Customer (KYC) procedures so you can prove you know who you are dealing with.

Is an ambassador a PEP?

Diplomatic roles such as Ambassadors and Charges D’Affaires present a higher financial crime risk and are classified as PEPs.

How do you check if someone is a politically exposed person in India?

In simple words, a Politically Exposed Person may be broadly classified as someone in a prominent public function who can exercise influence and is more susceptible to corruption. Additionally, any family member or close associate of such a person is also deemed to be a possible risk and hence is also considered a PEP.