Tag: peps

The Financial Conduct Authority (FCA) has recently mandated that financial institutions, including banks, payment firms, and lenders, enhance their protocols to ensure fair treatment of politically exposed persons (PEPs).

The war in Ukraine has underscored how quickly sanction and PEPs lists can change. Since 2022, the US, UK, EU, Australia, Japan and Canada have imposed over 16,500 sanctions on Russia, according to the BBC. The current turbulent geopolitical scene means financial services firms need to be ready for regular, and often sudden, changes to PEPs and sanction lists. FinTech Global recently spoke to several industry players to ask whether financial institutions are keeping up with the modern sanction/PEPs landscape.

In the intricate world of FinTech, the geopolitical landscape plays a pivotal role in shaping compliance and regulatory frameworks. The aftermath of the Russian invasion of Ukraine in February 2022 has dramatically altered the sanctions regime, presenting unprecedented challenges for financial institutions (FIs). This seismic shift, marked by a surge in sanctions against various entities and individuals, underscores the necessity for FIs to adapt swiftly to remain compliant.

On January 10, 2024, a pivotal shift in the UK's regulatory framework will unfold as the Money Laundering and Terrorist Financing (Amendment) Regulations 2023 come into effect.

In September 2023, the Financial Conduct Authority (FCA) provided fresh guidance about how to treat Politically Exposed Persons (PEPs). In response to this, businesses under regulation might find it beneficial to revisit their existing PEPs screening systems. This not only ensures alignment with the new directive but also makes certain that the screening process remains both effective and efficient.

Research by Moody’s Analytics reveals a lack of public awareness about Politically Exposed Persons (PEPs) and the associated financial risks.

ComplyAdvantage has released ComplyTry, a new tool that lets anyone verify prospective customers by leveraging live sanctions, politically exposed people (PEPs) and adverse media data.