FCA Launches PEP Treatment Review

The FCA has set out the issues it will consider as part of its review of firms:

• Applying the definition of PEPs to individuals;
• Conducting proportionate risk assessments of UK PEPs, their family members and known close associates;
• Applying enhanced due diligence and ongoing monitoring proportionately in line with risk;
• Deciding to reject or close accounts for PEPs, their family members and known close associates;
• Effectively communicating with their PEP customers; and
• Keeping their PEP controls under review to ensure they remain appropriate.

Firms can view the FCA press release to remain up-to-date on the review.