Peters & Peters

PEP account closures: where are we now?

In the past few months, the media have shone the spotlight on the issue of banking politically exposed persons (PEPs), in addition to the UK introducing tighter regulation to address the issue of PEP bank account closures and reviewing financial institutions’ compliance with existing rules.

In this article for eprivateclient, Diana Czugler discusses who is covered by the term ‘PEP’, some of the considerations banks and financial institutions take into account when dealing with this type of customers, what PEPs can do if their account is being closed and what reforms are on the horizon.