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Guidance on Due Diligence for Politically Exposed Persons (PEPs): Safeguarding Financial Institutions from Illicit Activities

Due DiligenceGuidance on Due Diligence for Politically Exposed Persons (PEPs): Safeguarding Financial Institutions from Illicit Activities

The newsletter by Gibraltar Financial Services Commission is designed to offer guidance to regulated entities concerning the due diligence obligations associated with Politically Exposed Persons (PEPs), as well as their family members and close associates. The classification of individuals as PEPs acknowledges an elevated risk due to the potential influence and power they may wield while holding significant positions. These requirements are implemented as a preventive measure to safeguard financial institutions from being used as conduits for activities such as money laundering, terrorist financing, and proliferation financing.

The information provided in this document is a response to observations made by the AML/CFT Supervision team during their ongoing oversight activities.

The primary objective of this newsletter is to provide clarity and promote a consistent approach to complying with the PEP-related requirements outlined in the Prevention of Corruption Act (POCA).

Read full newsletter here.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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