Who qualifies as PEP?
A domestic PEP is a person who holds, or has held within the last 5 years, a specific office or position in or on behalf of the Canadian federal government, a Canadian provincial (or territorial) government, or a Canadian municipal government.
What does PEP mean in compliance?
politically exposed person
In financial regulation, a politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold.
What is a PEP Fintrac?
A politically exposed person (PEP) or the head of an international organization (HIO) is a person entrusted with a prominent position that typically comes with the opportunity to influence decisions and the ability to control resources.
What are the 3 types of PEPs?
There are different customer identification and verification procedures for medium or low-risk PEPs and high-risk PEPs, including foreign PEPs.
- Medium or low-risk PEPs.
- High-risk PEPs.
- Monitoring transactions of high-risk PEPs.
How long is someone considered a PEP?
There is no globally accepted process for PEP declassification, and regulations vary by jurisdiction. Most countries impose a statutory time limit from the point at which the customer leaves political office from 12 to 18 months.
Why are PEPs considered high risk?
Politically Exposed People (PEPs) are a risk when it comes to money laundering because of their social status. This status means that companies see them as a higher risk customer because of their opportunities to gain assets through unlawful means being greater than usual.
What does PEP stand for in education?
personal education plan
Every child and young person (of school age) who is looked after by us has a personal education plan (PEP) or a progression plan. The PEP document shows: How you are currently doing. What your teacher predicts your progress to be and. What support you need to help you reach your goals.
What’s a PEP?
PEP (post-exposure prophylaxis) means taking medicine to prevent HIV after a possible exposure.
Why PEP is high risk?
Is a PEP always high risk?
Foreign PEPs are always considered high risk and require the application of enhanced due diligence measures, as for all higher risk customers as described in Recommendation 10.
What is meant by PEP risk?
Political Exposed Persons (PEPs) are defined as high-risk customers who have greater opportunities than ordinary citizens to acquire assets through illegal means such as taking bribes and money laundering. PEPs have to be identified and screened in financial institutions because of the risks they have.
What is a foreign PEP?
A foreign PEP is a person who holds or has held one of the following offices or positions in or on behalf of a foreign state: member of the executive council of government or member of a legislature; leader or president of a political party represented in a legislature.
What does pep stand for?
a politically exposed foreign person (foreign PEP), a prescribed family member of a politically exposed foreign person, or a person who the person or entity knows or should reasonably know is closely associated, for personal or business reasons, with a politically exposed foreign person;
What are finfintrac’s obligations to PEPs and HIOs?
FINTRAC has published guidance describing these obligations. A PEP or a HIO is a person entrusted with a prominent position that typically comes with the opportunity to influence decisions, institutions, and the ability to control resources.
What is a public sector professional (Pep)?
The FATF references the United Nations Convention against Corruption (UNCAC) which defines PEPs as “individuals who are, or have been, entrusted with prominent public functions and their family members and close associates”.