FG17/6: The treatment of politically exposed persons for anti-money laundering purposes

Show FG17/6 (PDF)[1]

In March 2017, we consulted on guidance (GC17/2[2]) in connection with politically exposed persons (PEPs). We received feedback from a wide range of stakeholders representing both the mortgage industry and consumers. A summary of the feedback[3] received has been published alongside the finalised guidance.

Our response

This publication offers guidance on the following issues:

• we expect firms to take appropriate but proportionate measures in meeting their financial crime obligations
• the guidance provides clarity on how firms should apply the definitions of a PEP in the money laundering regulations in the UK

Who this applies to 

This guidance is aimed at any institution that has its anti-money laundering systems and controls overseen by us. It discusses how they can meet their obligations when opening new relationships or monitoring existing relationships. It applies only to business relationships undertaken in the course of business in the UK.