What is PEP declaration?
What is PEP declaration?
The definition of politically exposed person (PEP) is an individual with a high profile political role, or who has been entrusted with a prominent public function. They present a higher risk for involvement in money laundering and/or terrorist financing because of the position they hold.
Why is PEP 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 PEPs always high-risk?
This risk will vary depending on numerous factors, including the PEP’s geographic location, industry, or sector, position, and level or nature of influence or authority. As a result of these factors, some PEPs may be lower risk and some may be higher risk for foreign corruption or money laundering.
How long is someone a PEP?
Regulation 35(9)(a) and (b) provides that a person who is a PEP should continue to be treated as a PEP for a period of at least 12 months after the date on which that person ceased to be entrusted with that public function; or for such longer period as the relevant person considers appropriate to address risks of money …
How do you identify PEP?
FATF Recommendation 12 defines a PEP as being someone who has been (but may no longer be) entrusted with a prominent public function. The language of Recommendation 12 is consistent with a possible open-ended approach (i.e. “once a PEP–could always remain a PEP”).
How do you screenshot on a PEPs?
Best Practices For Your PEP Screening Process
- Focus on High-Quality Data. It is essential to focus on high-quality data when conducting PEP screenings.
- Utilize a Risk-Based Approach.
- Perform Supplemental Due Diligence Checks.
- Monitor the Relationship Consistently.
- Provide Appropriate Training.
Is PEP always a PEP?
44. Recommendation 12 also defines a PEP as being someone who has been (but may no longer be) entrusted with a prominent public function. The language of Recommendation 12 is consistent with a possible open ended approach (i.e., “once a PEP – could always remain a PEP”).
Is PEP screening mandatory?
The Statement affirms that (i) there is no regulatory requirement, and no supervisory expectation, for banks’ Bank Secrecy Act (BSA) / anti-money laundering (“AML”) programs to include “unique, additional due diligence steps” for customers who are PEPs and (ii) there is no regulatory requirement for banks to screen …
How long do you feel a person can remain a PEP once identified?
PEPs do retain their full status for one year after leaving their position, but family members and associates are no longer considered to be a risk once the PEP leaves office.
What to do if your client is a PEP?
If your client is a PEP, you should apply enhanced due diligence measures….Handling PEP clients
- get senior management approval for the business relationship.
- take adequate measures to establish the source of wealth and source of funds.
- closely monitor the business relationship throughout.
What do you need to know about PEP connections?
PEP Connections emphasizes supports and services provided in the neighborhoods where the children and families reside. Youth eligible for PEP Connections services will receive either Intensive Care Coordination/High-Fidelity Wraparound or Intensive Home-Based Treatment (IHBT).
What is the purpose of pepconnect in healthcare?
PEPconnect | PEPconnect, your smarter connection in digitalizing healthcare. PEPconnect, a personalized education experience with options to manage an institution’s workforce education and performance growth. Your smarter connection to knowledge in digitalizing healthcare.
Where can I find the pepconnect button on atellica?
PEPconnect instantly accessible on the Atellica® Solution interface! Now, you have education available at their fingertips with the PEPconnect button, available directly from any tab in the software on the Primary User Interface and the Operator Tablet of the Atellica® Solution.
What is the philosophy of the PEP program?
Anchored in the time-tested philosophy of Re-EDucation, PEP’s family-centered programming is designed to identify and build upon the existing strengths of children.