What is a PEP questionnaire?

2019-10-24 by No Comments

What is a PEP questionnaire?

POLITICALLY EXPOSED PERSON (PEP) DECLARATION Like all estate agents (and many other industries), we are required to ascertain from all buyers and sellers whether they or any member of their immediate family is classed as a Politically Exposed Person (PEP).

Who should be classified as a PEP?

A politically exposed person (PEP) is someone who’s been appointed by a community institution, an international body or a state, including the UK, to a high-profile position within the last 12 months.

What is a PEP form?

A Personal Education Plan (PEP) forms an essential part of each child’s care plan and also forms part of the child’s official school record. The PEP will follow the child/young person through their education and includes: Keeps a record of progress and academic achievement. Highlighting strengths.

What is PEP and sanction screening?

PEPs and Sanctions checks are often discussed simultaneously as they are both required by KYC laws. These checks allow you to see if a company has been sanctioned or if a politically exposed person is connected to the company.

How can you tell if someone is PEP?

Businesses are not required to perform extensive investigations to determine if an individual is a PEP. Rather, this can be achieved via a simple AML check which includes a screen against a register of publicly known individuals with public functions, their associates and close family.

Why PEP is high-risk?

The most important reason for the detection of PEPs is that they are defined as high-risk people because they have more opportunities to earn illegal income such as money laundering, terrorism financing, corruption, and bribery.

Are all PEPs high risk?

While Financial Action Task Force (FATF) guidance3 recommends that all foreign PEPs should automatically be classified as high risk, the Wolfsberg Group advocates for the application of an RBA for all PEPs, whether foreign or domestic.

Why are PEPs high risk?

PEPs are higher-risk clients for institutions and financial firms to onboard, simply because they are exposed to more opportunities to accept bribes, be involved in corruption by virtue of their position and launder money.

How long is a person considered a PEP?

“politically exposed person” means an individual who is, or has at any time in the preceding 12 months been, entrusted with a prominent public function, including either of the following individuals (but not including any middle ranking or more junior official):

Is a diplomat a PEP?

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

When did the Wolfsberg Group publish the Pep guidance?

The Wolfsberg Group is pleased to publish updated guidance as to how Financial Institutions (FIs) should handle the money laundering risks posed by Politically Exposed Persons (PEPs). This updates the guidance initially issued in 2003 and the Frequently Asked Questions issued in 2008.

How are questions answered on Wolfsberg cbddq questionnaire?

Various questions were updated so that responses are in a drop down format or additional options were added to provide more specific answers. The questionnaire is designed to be answered on a Legal Entity (LE) Level which includes any branches for which the client base, products and control model are materially similar to the LE Head Office.

Who is a Politically Exposed Person ( PEP ) in FATF?

1. A politically exposed person (PEP) is defined by the Financial Action Task Force (FATF) as an individual who is or has been entrusted with a prominent public function. Due to their position and influence, it is recognised that many PEPs are in positions that potentially can be abused for the

Who is a pep in the United States?

In the United States, the broad definition of PEP is someone who holds a senior position of public trust or people close to them, such as family members, professional associates, or people who conduct transactions on their behalf. In the UK, however, the term PEP only applies to people who hold high public office.