The following steps are required to conduct Enhanced Due Diligence (EDD) on Politically Exposed Persons (PEPS):
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- Ensuring that appropriate risk-management systems are in place to determine whether the customer or the beneficial owner is a PEP, or immediate family member or close associate of a PEP (Reg. 20 (2);
- Obtaining senior management approval BEFORE establishing (continuing, for existing customers) the business relationship (Reg 20 (4);
- Ensuring that reasonable measures are taken to determine the source of wealth and source of funds (Reg. 20 (5); and
- Conducting enhanced on-going monitoring of the business relationship (Reg. 20 (5).
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
Consultation fee is $300 TTD per hour.
I am a Certified Professional in the following areas:
Anti-Money Laundering and Financial Crimes;
Fraud Risk Management;
Anti-Money Laundering (AML) Training for staff, directors;
Anti-Money Laundering Audits;
Compliance Program drafting;
Consulting services and much more.