Contents
6. Identification of PEPs: Who to Check and When to Check ...........................33 Who to Check? .............................................................................................33 When to Check? ...........................................................................................34 7. Identification of PEPs: How to Check ................................................................35 Would a National or International List of PEPs Be Easier? ......................35 Identification of the Beneficial Owner: Will the True Owner Please Stand Up? ..........................................................................................35 Identification Tools ......................................................................................40 8. Identification of PEPs: Commercial and In-House Databases......................45 9. Identifying and Verifying Source of Wealth and Source of Funds ...............47 10. PEP Approval by Senior Management ..............................................................51 11. Enhanced Ongoing Monitoring ...........................................................................53 Transaction Monitoring ..............................................................................53 Awareness of PEP Customers: Maintaining Access to a List of PEP Customers ............................................................................................54 Keeping the Customer Profile Updated ......................................................55 Periodic Review Process ..............................................................................55
Part 3
Role of Regulatory Authorities and the Financial Intelligence Unit ............................................................................................ 57 12. Regulatory Authorities .........................................................................................59 Regulation of Bank PEPs Controls .............................................................59 Need for Additional Guidance from the Regulatory Authority ................60 Sanctions ......................................................................................................61 13. Suspicious Transaction Reporting and Financial Intelligence Units .........63 FIU Guidance to Reporting Institutions ....................................................64 Gathering Information ...............................................................................64
Part 4
National Cooperation, Training, and Resources ...................................... 67 14. National Cooperation: Agencies and the Industry ..........................................69 15. Training and Resources .......................................................................................71
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