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The designation "politically exposed person" dates back to the late 1990s, in what was known as the "Abacha Affair." [ citation needed ] Sani Abacha was a Nigerian dictator who organized a large-scale, systematic theft of assets from the Central Bank of Nigeria for some years with his family members and associates.
World-Check [1] is a database of politically exposed persons (PEPs) and 'heightened risk' individuals and organizations. World Check formed part of the Thomson Reuters Risk Management Solutions suite before being transferred to Refinitiv after a merger deal with The Blackstone Group in October 2018.
Article R.561-18 of the CMF, [29] derived from the implementing decree of September 2, 2009, defines a politically exposed person (PEP) as an individual "who is exposed to particular risks due to their functions," residing outside France and currently holding or having held, within the last year, one of the functions exhaustively listed in the ...
Examples of this include the enforcement of anti-corruption and anti-money laundering laws, the closing of bank accounts of sex workers, [1] and people considered to be politically exposed persons. [2] The closure of accounts is generally performed without giving a reason and without the prospect of appeal.
Refinitiv is the provider of World-Check, a database of Politically Exposed Persons (PEPs) and heightened risk individuals and organizations. [19] It is also a member of the Global Coalition to Fight Financial Crime. [20]
The dossier revealed that Farage was classed as a "lower risk" politically exposed person (PEP). [3] It went to note that the bank considered declassifying Farage as a PEP on their next review in 2022. His status was maintained, however, in 2023, owing to his public profile and reported links to Russia. [3]
Standard Bank: Standard Bank South Africa London Branch – The Financial Conduct Authority (FCA) has fined Standard Bank PLC (Standard Bank) £7,640,400 for failings relating to its anti-money laundering (AML) policies and procedures over corporate and private bank customers connected to politically exposed persons (PEPs). [103]
Mossack Fonseca, required by international banking standards to avoid money laundering or fraudster clients, is, like all banks, supposed to be particularly alert for signs of corruption with politically exposed persons (PEP), in other words, clients who either are or have close ties to government officials. However they somehow failed to turn ...