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Politically Exposed Persons (PEP) Under IFSCA (AML, CFT & KYC) Guidelines
Politically Exposed Persons (PEP) Under IFSCA (AML, CFT & KYC) Guidelines
As part of the AML measures, it is crucial for the regulated entities to identify a Politically Exposed Person as per the IFSCA (AML, CFT and KYC) Guidelines.
The identification of the customer as PEP is essential to adequately assess the level of ML/FT risk associated with a business relationship.
To support you with PEP identification, we bring you this infographic providing information regarding:
Who can qualify as a PEP
The natural person holding the prominent public function in a country, such as the head of the government, senior politicians, head of international organizations, etc.
For the purpose of PEP identification, what parties to business relationship must be screened
The regulated entities must check the PEP status of the customer, the beneficial owners and the beneficiaries, including the authorised representatives
What additional measures to be applied with dealing with PEPs
Obtaining information about the PEP customer’s source of funds and wealth, including obtaining senior management approval to establish a business relationship with PEP and subjecting the PEP customers to frequent ongoing monitoring
AML India is an AML consultant, offering end-to-end AML support to IFSCA regulated entities, including designing AML policies and procedures for identifying politically exposed persons and applying robust Customer Due Diligence measures. Overall, for the entire CDD and AML compliance requirements, AML India is always present by your side.
We are committed to assisting proper enforcement of AML and CFT regulations to regulated entities in India by designing a personalised AML framework – policies, internal controls, and procedures – and ensuring effective implementation of the same.
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