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Recent Events in the Middle East

Further to the recent instability in the Middle East, CTAs subject to the Anti-Money Laundering Regulations 2007 with clients in affected areas should review their arrangements for dealing with PEPs (Politically Exposed Persons), their use of due diligence and other obligations under the Proceeds of Crime Act 2002. It is particularly advisable to ensure that the PEP checklists you are using are up-to-date.

In addition, HM Treasury have issued a Financial Sanctions Note in relation to Libya.

Helen Burgess, Membership Manager

2 comments

Rating: 5/5Re PEP checklists
Various websites and databases are available. This should be part of the customer due diligence/ know your client process. Two I am aware of are World Compliance and World Check, but Google will come up with others as well.

The FATF has produced a whitepaper on defining PEPs which you may find of interest - http://www.world-check.com/media/d/content_whitepaper_reference/Refining_the_PEP_Definition_-_EditionII.pdf
Helen Burgess from CIOT, London, 08 March 2011 10:33
Rating: 3/5PEP checklists
Where do we find PEP checklists?
Peter from London, 05 March 2011 11:20
 

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