How Carefully Should Companies Examine Foreign Business Partners Which Are PEPs, or Who Maintain Close Relationships With PEPs?
Within the context of anti-money laundering, so-called politically exposed persons (PEPs) are classified as high risk among business clients and are therefore subject to increased due diligence by the relevant financial institutions. There are heightened money laundering and corruption risks when dealing with individuals who are classified as politically exposed persons (PEPs). Do you know how relations with PEPs could impact your business?
Our whitepaper discusses the challenges presented by assumptions about PEPs, clarifies due diligence obligations, such as PEP screening, and discusses how businesses can address these in line with the risk-based approach. This includes an overview of patterns of political corruption involving PEPs, and a closer look at the ways in which the nature of political corruption differs from country to country.
