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FinCEN and Banking Regulators Clarify Due Diligence

2020-4-15  The Financial Crimes Enforcement Network (FinCEN) and federal banking regulators recently issued a Joint Statement intended to clarify the due diligence obligations of banks under the Bank Secrecy Act (BSA) regarding customers who are Politically Exposed Persons (PEPs).

Due Diligence for Politically Exposed Persons Compliance

2020-8-31  Two weeks ago, FinCEN joined up with the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration and the Office of the Comptroller of the Currency to issue a joint statement on due diligence for politically exposed persons. Like the earlier FAQ, this joint release adds very little to the compliance dialog.

AML Regulators Clarify Diligence Requirements for

2020-8-31  On August 21, the Financial Crimes Enforcement Network (FinCEN), together with the federal banking agencies (the Agencies), released a statement (Statement) to clarify banks’ customer due diligence (CDD) obligations for politically exposed persons (PEPs).

sar tti 19 FinCEN.gov

2019-12-4  The term “politically exposed person” (PEP) is commonly-used, especially in international fora. The term PEP is not included in FinCEN’s regulations and should not be confused with “senior foreign political figure.” By using the term PEP for ease of reference, FinCEN is seeking to more effectively discuss

FinCEN Issues Advisory Around Politically Exposed Persons

2021-4-5  WASHINGTON—The U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) has issued an advisory describing how corrupt foreign "politically exposed persons" (PEPs) access the U.S. financial system.

Joint Statement on Bank Secrecy Act Due Diligence

2020-8-21  the customer due diligence (CDD) requirements contained in FinCEN’s 2016 CDD Final Rule.3 The Agencies do not interpret the term “politically exposed persons” to include U.S. public officials. BSA/AML regulations do not define PEPs, but the term is commonly used in the financial

Advisory on Human Rights Abuses Enabled by

2018-6-12  FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22) June 2013, page 13. FinCEN’s regulations similarly include family members and known close associates within the definition of senior foreign political figure. 31 CFR § 1010.605(p). In the United States, Recommendation 12 is implemented through FinCEN rules and guidance

FinCEN issues advisory on connection between politically

2018-6-13  On June 12, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to U.S. financial institutions to increase awareness of the connection between high-level political corruption and human rights abuses. The advisory highlights the use of financial facilitators as a means to gain access to global financial systems for the purpose of moving or hiding illicit proceeds and evading U.S. and

FFIEC BSA/AML Risks Associated with Money Laundering and

The term "politically exposed person" generally includes a current or former senior foreign political figure, their immediate family, and their close associates. Interagency guidance issued in January 2001 offers banks resources that can help them to determine whether an individual is a PEP.

Politically Exposed Persons (PEPs) Definition by Country

2020-10-8  Politically exposed persons are officials who have a prominent public function, such as a political office or senior appointment. The financial community places a higher risk on PEPs because they may be a greater risk of exposure to corruption or

Due Diligence for Politically Exposed Persons Compliance

2020-8-31  Two weeks ago, FinCEN joined up with the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration and the Office of the Comptroller of the Currency to issue a joint statement on due diligence for politically exposed persons. Like the earlier FAQ, this joint release adds very little to the compliance dialog.

FinCEN Issues Advisory Around Politically Exposed Persons

2021-4-5  The U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) has issued an advisory describing how corrupt foreign "politically exposed persons

Latest FinCEN News, Guidance and Advisories Alessa

2021-5-7  Aug. 21, 2020 Politically Exposed Persons (PEPs) FinCEN and other agencies issued a joint statement clarifying that Bank Secrecy Act (BSA) due diligence requirements for customers who may be considered Politically Exposed Persons (PEPs) should be

FinCEN and US Federal Banking Agencies Clarify Risk-Based

2020-9-23  FinCEN and US Federal Banking Agencies Clarify Risk-Based Obligations on Politically Exposed Persons (FinCEN) and the federal banking agencies (Agencies) 1 issued a

FinCEN issues advisory on connection between politically

2018-6-13  On June 12, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to U.S. financial institutions to increase awareness of the connection between high-level political corruption and human rights abuses. The advisory highlights the use of financial facilitators as a means to gain access to global financial systems for the purpose of moving or hiding illicit proceeds and evading U

Politically Exposed Persons (PEPs) Definition by Country

2020-10-8  Politically exposed persons are officials who have a prominent public function, such as a political office or senior appointment. The financial community places a higher risk on PEPs because they may be a greater risk of exposure to corruption or bribery and money laundering by virtue of their position and their influence.

Politically Exposed Persons FAQs Accuity

Politically Exposed Persons FAQs. 1. What is a PEP? 2. Who decides if someone is a PEP? There are many definitions of who or what is a PEP, if you look at Financial Action Task Force (FATF) 40, the EU 3rd AML Directive or the USA Patriot Act. Regulated entities are ultimately responsible for determining if their clients fall under the local

Guidance on Politically Exposed Persons Home MFSA

2019-4-25  Guidance on Politically Exposed Persons 1. Executive Summary 1.1 The Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) deal, amongst other, with the subject of politically exposed persons (PEPs). These are defined, in line with the EU 4th Anti-Money Laundering Directive, as

FinCEN’s Self-Hosted Wallet KYC Regulation Proposal

2021-1-8  For example, PEP or ‘Politically Exposed Persons’ are automatically placed into a high-risk category owing to their ability to influence public legislation whilst counterparties that are on the OFAC sanctions list would also be automatically red-flagged and their account(s) frozen and assets seized.

OF THE FEDERAL RESERVE SYSTEM

2020-8-21  the customer due diligence (CDD) requirements contained in FinCEN’s 2016 CDD Final Rule. 3. The Agencies do not interpret the term “politically exposed persons” to include U.S. public officials. BSA/AML regulations do not define PEPs, but the term is commonly used in the financial

Due Diligence for Politically Exposed Persons Compliance

2020-8-31  Two weeks ago, FinCEN joined up with the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration and the Office of the Comptroller of the Currency to issue a joint statement on due diligence for politically exposed persons. Like the earlier FAQ, this joint release adds very little to the compliance dialog.

CDD & Politically Exposed Persons ProBank Austin

2020-12-9  The agencies (FinCEN, FDIC, FRB, OCC, and NCUA) (collectively, the Agencies) issued a joint Statement on BSA Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons (PEPs) on August 21, 2020 (the PEP Statement). The PEP Statement addresses questions raised by banks on how to apply a risk-based approach to PEPS

Agencies clarify BSA/AML due diligence requirements for

2020-8-25  On August 21, the FDIC, Federal Reserve Board, FinCEN, NCUA, and OCC issued a joint statement clarifying that banks should ensure customers who may be considered “politically exposed persons” (PEPs) be subject to customer due diligence matching the risk levels posed by the relationships. In general, while PEPs are not defined within the Bank Secrecy Act/Anti-Money Laundering

Recent FinCEN Developments 09 2020 Publications

2020-9-22  GUIDANCE REGARDING DUE DILIGENCE FOR POLITICALLY EXPOSED PERSONS. On August 21, 2020, FinCEN, together with the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency, issued a joint statement clarifying due diligence requirements under the BSA

ALERT MEMORANDUM AML Regulators Clarify Diligence

2020-8-31  Requirements for Politically Exposed Persons — August 31, 2020 . On August 21, the Financial Crimes Enforcement Network (FinCEN), together with the federal banking agencies. 1 (the . Agencies), released a (Statementstatement) to clarify banks’ customer due diligence (CDD) obligations for politically exposed persons (PEPs). The Statement affirms

FinCEN Advisory on Corrupt PEPs — Compliance Cohort

2018-6-15  This week, on June 12, 2018, the Financial Crimes Enforcement Network (FinCEN) issued an advisory on human rights abuses enabled by corrupt senior foreign political figures also known as Politically Exposed Persons (PEPs) and their financial facilitators. In their 15-page advisory, FIN

Politically Exposed Persons FAQs Accuity

Politically Exposed Persons FAQs. 1. What is a PEP? 2. Who decides if someone is a PEP? There are many definitions of who or what is a PEP, if you look at Financial Action Task Force (FATF) 40, the EU 3rd AML Directive or the USA Patriot Act. Regulated entities are ultimately responsible for determining if their clients fall under the local

FinCEN’s Self-Hosted Wallet KYC Regulation Proposal

2021-1-8  For example, PEP or ‘Politically Exposed Persons’ are automatically placed into a high-risk category owing to their ability to influence public legislation whilst counterparties that are on the OFAC sanctions list would also be automatically red-flagged and their account(s) frozen and assets seized.

Guidance on Politically Exposed Persons Home MFSA

2019-4-25  Guidance on Politically Exposed Persons 1. Executive Summary 1.1 The Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) deal, amongst other, with the subject of politically exposed persons (PEPs). These are defined, in line with the EU 4th Anti-Money Laundering Directive, as

OF THE FEDERAL RESERVE SYSTEM

2020-8-21  the customer due diligence (CDD) requirements contained in FinCEN’s 2016 CDD Final Rule. 3. The Agencies do not interpret the term “politically exposed persons” to include U.S. public officials. BSA/AML regulations do not define PEPs, but the term is commonly used in the financial