Tag: peps

The war in Ukraine has underscored how quickly sanction and PEPs lists can change. Since 2022, the US, UK, EU, Australia, Japan and Canada have imposed over 16,500 sanctions on Russia, according to the BBC. The current turbulent geopolitical scene means financial services firms need to be ready for regular, and often sudden, changes to PEPs and sanction lists. FinTech Global recently spoke to several industry players to ask whether financial institutions are keeping up with the modern sanction/PEPs landscape.

In the intricate world of FinTech, the geopolitical landscape plays a pivotal role in shaping compliance and regulatory frameworks. The aftermath of the Russian...

On January 10, 2024, a pivotal shift in the UK's regulatory framework will unfold as the Money Laundering and Terrorist Financing (Amendment) Regulations 2023...

Politically Exposed Persons (PEPs) have been a longstanding concern in the world of banking and finance, with their identification being a crucial element of anti-money laundering (AML) regulatory requirements for over two decades. Recent events, such as Russia's invasion of Ukraine, have propelled PEPs into the spotlight, as even prominent figures in British politics found themselves denied access to their bank accounts due to their PEP status, as Moody's Analytics discussed in their recent white paper.

In September 2023, the Financial Conduct Authority (FCA) provided fresh guidance about how to treat Politically Exposed Persons (PEPs). In response to this, businesses under regulation might find it beneficial to revisit their existing PEPs screening systems. This not only ensures alignment with the new directive but also makes certain that the screening process remains both effective and efficient.

Swiss authorities recently took action against the daughter of Uzbekistan's former president, accusing her of crimes such as money laundering and bribery. This resulted in an asset freeze to the tune of $483m.

Research by Moody’s Analytics reveals a lack of public awareness about Politically Exposed Persons (PEPs) and the associated risks.

ComplyAdvantage has released ComplyTry, a new tool that lets anyone verify prospective customers by leveraging live sanctions, politically exposed people (PEPs) and adverse media data.