Implement FATF PEP Identification and Enhanced Monitoring
What this control requires
Apply enhanced due diligence to Politically Exposed Persons (domestic and foreign), their family members and close associates. Obtain senior management approval for PEP relationships. Determine source of wealth and funds. Conduct enhanced ongoing monitoring. Apply measures to former PEPs for a reasonable period after leaving public function.
Other FATF controls
FATF-AML-001 - Implement Risk-Based AML/CFT ApproachFATF-CDD-001 - Implement FATF-Standard Customer Due DiligenceFATF-R1-001 - Institutional AML/CFT Risk AssessmentFATF-R10-001 - Customer Due Diligence ProgrammeFATF-R11-001 - AML/CFT Record KeepingFATF-R12-001 - Politically Exposed Persons ControlsFATF-R16-001 - Wire Transfer Originator and Beneficiary InformationFATF-R20-001 - Suspicious Transaction ReportingFATF-R26-001 - Regulatory Supervision ResponsivenessFATF-RECORD-001 - Maintain FATF-Required Records for 5 YearsFATF-SAR-001 - Maintain STR Filing Obligations to FIUFATF-WIRE-001 - Comply with Wire Transfer Requirements (Originator and Beneficiary Information)