Guidance For Licensed Financial Institutions On The Risks Relating To Politically Exposed Persons

Guidance For Licensed Financial Institutions On The Risks Relating To PEP

Guidance For Licensed Financial Institutions On The Risks Relating To Politically Exposed Persons (PEPs)

The Central Bank of UAE has come up with guidance for licensed financial institutions on the risks relating to politically exposed persons. It also talks about the risk mitigation measures to identify, manage, and mitigate the risks associated with PEPs. The emphasis is put on PEP screening, risk assessment, and enhanced due diligence requirements. Further, it provides guidance on transaction monitoring and suspicious transaction reporting. It provides several red flags related to PEPs.

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