Guidance note: Politically exposed persons

This guidance note has been prepared to help reporting entities understand their obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the “Act”) in relation to politically exposed persons (PEPs).

It first defines a PEP, and then explains reporting entities’ obligations to reasonably determine the PEP status of their customers, both at the
time of on-boarding, and thereafter on an ongoing basis.