09 Jan Upcoming Regulatory Changes in PEP Risk Assessment
Sharing important updates regarding the Amended Money Laundering Regulations 2017 (No. 1371), set to take effect on January 10, 2024. These changes bring notable shifts in the assessment of risks associated with Politically Exposed Persons (PEPs), with a primary focus on domestic PEPs and their closely associated individuals.
Key Points to Note:
- The amended regulations reaffirm the existing PEP Guidance (FG17/6).
- Domestic PEPs and their close associates will undergo a risk assessment categorising them with a lower level of risk compared to their non-domestic counterparts.
Flexibility in Enhanced Due Diligence:
- Enhanced customer due diligence measures for domestic PEPs are generally expected to be less stringent.
- Flexibility is contingent upon the absence of other high (enhanced) risk factors.
Stay Informed:
For a comprehensive understanding of these regulatory changes, access the official document here.
Adapting to Evolving Regulations:
In response to these changes, financial institutions are encouraged to review and adapt their risk management practices for compliance. The regulatory landscape is dynamic, and staying vigilant is crucial to meeting these evolving standards.
How can KYC Lookup Help?
At KYC Lookup, we recognise the critical need for staying ahead in compliance with dynamic regulatory frameworks, particularly when it relates to AML training. Our dedicated team is poised to be your partner in elevating your financial crime training initiatives. We specialise in providing fully accredited online courses and AML video tutorials, ensuring that your team is not only well-versed but proficient in identifying, assessing and managing Politically Exposed Persons (PEPs) in strict adherence to the latest regulatory requirements.
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