Politically Exposed Persons Controls
What this control requires
Apply enhanced due diligence to domestic and foreign PEPs, their family members and close associates. Senior management must approve establishing or continuing PEP relationships. Verify source of wealth and source of funds. Apply enhanced ongoing monitoring. Define treatment of former PEPs for reasonable period after leaving office.
Other FATF controls
FATF-AML-001 - Implement Risk-Based AML/CFT ApproachFATF-CDD-001 - Implement FATF-Standard Customer Due DiligenceFATF-PEP-001 - Implement FATF PEP Identification and Enhanced MonitoringFATF-R1-001 - Institutional AML/CFT Risk AssessmentFATF-R10-001 - Customer Due Diligence ProgrammeFATF-R11-001 - AML/CFT Record KeepingFATF-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)