Simply speaking, a Politically Exposed Person (PEP) is an individual who holds a high-profile political role. Due to their position, a PEP is said to be someone more likely to be involved in bribery or corruption (which are predicate offences in money laundering).
Proposed amendments to MAS Notices to Financial Institutions on AML/CFT and their impact to Customer Screening
MAS’s proposed amendments place more rigorous requirements on financial and other institutions to screen their customers, related parties and partners against lists of sanctioned and high‐risk entities, as well as Politically Exposed Persons (PEPs). This article identifies the elements of MAS’s recommendations relevant and specifically to Customer Screening. Many of MAS’s current and new recommendations […]