Dr Anna Bradshaw and James Le Gallais discuss the implications of new anti-money laundering and counter-terrorist financing regulations for PEPs and PEP-related persons in the Money Laundering Bulletin.
On the occasion of the coming into force of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 on 26 June 2017, Of Counsel Anna Bradshaw and James Le Gallais explore the new provisions on Politically Exposed Persons (PEPs), their family members and known close associates. The approach that the financial sector and other regulated persons should take to mitigate PEP risk has recently been the subject of intense scrutiny and, at times, conflicting messages. Anna and James find it difficult to conclude that there are adequate protections in place for those whose legitimate interests are adversely affected by flawed or disproportionate risk assessments. Read their full article here.