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| Additional measures for politically exposed persons
| Whether PEPs are customers or beneficial owners the following must be performed in addition to normal CDD measures
| | (a) To have appropriate risk-management systems to determine whether the customer or the beneficial owner is a foreign PEP
| | (b) To obtain senior management approval for establishing (or continuing, for existing customers) such business relationship
| | (c) To take reasonable measures to establish the source of wealth and source of funds
| | (d) To conduct enhance ongoing monitoring of the business relationship
| | Take reasonable measures to determine whether the customer or the beneficial owner is a PEP
| | Financial institutions should be required to take action in relation to the following types of PEPs, R. 12
| | Persons who are or have been entrusted with a prominent function by an international organization
| | Take reasonable measures to determine whether the beneficiaries of life insurance policy are PEPs, R. 12, IN
| | The beneficial owner of the beneficiary is a PEP (where required)
| | Should occur, at the latest, at the time of the payout
| | These measures should be applied
| | Where there are higher risks identified
| | Inform senior management before the payout of the policy proceeds
| | Conduct enhanced scrutiny of the business relationship
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10.3. AML/CFT requirements for financial institutions with foreign operations
| Financial institution that has foreign operations (R. 18, IN)
| | Foreign majority-owned subsidiaries
| | AML/CFT requirements of the home country
| | If AML/CFT legislature of the host country does not permit the implementation of
| | There has to be the group-level AML/CFT program
| | AML/CFT measures applied to these operations have to be consistent with the home country requirements
| | To the extent the host country AML/CFT regulations permit
| | Should apply additional measures to manage the ML/TF risks
| | If these measures are not sufficient
| | Should consider additional supervisory actions, including
| | Placing additional controls on the group
| | Requesting the group to close down operations in the host country
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Date: 2015-01-29; view: 824
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