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- Politically_exposed_person abstract "In financial regulation, "politically exposed person" (PEP) is a term describing someone who has been entrusted with a prominent public function, or an individual who is closely related to such a person. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. The terms PEP, Politically Exposed Person and Senior Foreign Political Figure are often used interchangeably, particularly in international fora. Although the term PEP is not used in FinCEN’s regulations, it is to a great extent similar to the definition of Senior Foreign Political Figure, as defined by section 312 of the USA PATRIOT Act and it is a term recognised (and defined) by the Wolfsberg Group of eleven global banks. Neither the Financial Action Task Force on Money Laundering (FATF) definition nor the USA PATRIOT Act definition of this term are intended to include middle-ranking or more junior individuals in the categories listed in the below definition or officials of local governments. As of February 2012, the FATF definition of a PEP was revised to include domestic PEPs.The term Foreign Official is used by enforcement agencies relating to persons who have similar characteristics as PEPs, but this term is used in all industries, not just by financial institutions, and is referenced in the Foreign Corrupt Practices Act in the United States.Most financial institutions view such clients as potential compliance risks and perform enhanced monitoring of accounts that fall within this category. The process of screening for PEPs is usually performed at the beginning of account opening, called initial due diligence, and screening of accounts periodically is performed as part of ongoing due diligence. The process of due diligence to uncover PEPs can be time consuming and requires screening against a reputable database of known PEPs, usually close to 1 million profiles, against the names, dates of birth, national identification numbers and photos of clients. Heavy fines have been imposed on financial institutions such as Riggs Bank for conducting business with PEPs without following adequate Know Your Customer procedures and enhanced due diligence processes. PEP-specific compliance legislation underlines the link between corrupt politicians, money laundering and the financing of terrorism. Since September 11, 2001, more than 100 countries have changed their laws related to financial services regulation, with the fight against political corruption playing a fundamental role. Despite attempts at regulation, certain political leaders like Muammar Gaddafi and Hosni Mubarak have made news for having frozen assets located in US banks that did not follow these processes for these individuals.The designation “Politically Exposed Person” dates back to the late 1990s in what was known as the “Abacha Affair.” Sani Abacha was a Nigerian dictator who organized (with his family members and associates) a network of massive theft of assets from the government of Nigeria. It is believed that several billion dollars were stolen, and that the funds were transferred to bank accounts in the United Kingdom and Switzerland.In 2001, in an effort to recover the money, the Nigerian Government that succeeded the Abacha Regime lodged complaints with several European agencies, including the Federal Office of Police (FOP) of Switzerland which, in turn, investigated close to sixty Swiss banks. In this investigation, the concept of “Politically Exposed Person” emerged, which was later included in the 2003 United Nations Convention against Corruption.".
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- Politically_exposed_person wikiPageExternalLink made.
- Politically_exposed_person wikiPageExternalLink faq-persons.html.
- Politically_exposed_person wikiPageExternalLink global-pep-list.aspx.
- Politically_exposed_person wikiPageID "12957185".
- Politically_exposed_person wikiPageRevisionID "599217138".
- Politically_exposed_person hasPhotoCollection Politically_exposed_person.
- Politically_exposed_person subject Category:Bank_regulation.
- Politically_exposed_person subject Category:Government_officials.
- Politically_exposed_person subject Category:People_in_finance.
- Politically_exposed_person subject Category:Politics.
- Politically_exposed_person type CausalAgent100007347.
- Politically_exposed_person type LivingThing100004258.
- Politically_exposed_person type Object100002684.
- Politically_exposed_person type Organism100004475.
- Politically_exposed_person type PeopleInFinance.
- Politically_exposed_person type Person100007846.
- Politically_exposed_person type PhysicalEntity100001930.
- Politically_exposed_person type Whole100003553.
- Politically_exposed_person type YagoLegalActor.
- Politically_exposed_person type YagoLegalActorGeo.
- Politically_exposed_person comment "In financial regulation, "politically exposed person" (PEP) is a term describing someone who has been entrusted with a prominent public function, or an individual who is closely related to such a person. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold.".
- Politically_exposed_person label "Personne politiquement exposée".
- Politically_exposed_person label "Politically exposed person".
- Politically_exposed_person label "Politisch exponierte Person".
- Politically_exposed_person sameAs Politicky_exponovaná_osoba.
- Politically_exposed_person sameAs Politisch_exponierte_Person.
- Politically_exposed_person sameAs Personne_politiquement_exposée.
- Politically_exposed_person sameAs m.02z19g8.
- Politically_exposed_person sameAs Q106155.
- Politically_exposed_person sameAs Q106155.
- Politically_exposed_person sameAs Politically_exposed_person.
- Politically_exposed_person wasDerivedFrom Politically_exposed_person?oldid=599217138.
- Politically_exposed_person isPrimaryTopicOf Politically_exposed_person.