A PEP is defined by many Financial Institutions and Regulators as “…an individual who is or has, at any time, been entrusted with prominent public functions and an immediate family member, or a known close associate, of such a person.”
Tag Archives: #Abuse of Office
Why Banks carry out Enhanced Due Diligence (EDD) on Politically Exposed Persons (PEPs)
Some few salient points for further debate, discussion and dialogue. In my book, Financial Crime Risk Management and Compliance (2016) , I have provided some simpler working definitions for everyone to be on the same page. Money Laundering (ML) is the process by which criminals attempt to conceal or disguise the ownership and origin ofContinue reading “Why Banks carry out Enhanced Due Diligence (EDD) on Politically Exposed Persons (PEPs)”
The Presidential Royal Asian Tigers Greed
Ex-President of Taiwan Chen stated that “Money is dry, and cannot be laundered. The money is clean, it is not dirty, and does not need laundering.”
