70. Are reporting entities required to enforce enhanced due diligence policies and procedures regarding politically exposed persons?

(1) A relevant person must have in place appropriate risk-management systems and

procedures to determine whether a customer or the beneficial owner of a customer is—

(a) a politically exposed person (a “PEP”); or

(b) a family member or a known close associate of a PEP,

and to manage the enhanced risks arising from the relevant person’s business relationship or transactions with such a customer. (....) ( 4) In assessing the extent of the enhanced customer due diligence measures to be taken in relation to any particular person (which may differ from case to case), a relevant person—

(a) must take account of any relevant information made available to the relevant person under regulations 17(9) and 47; and

(b) may take into account any guidance which has been— i) issued by the FCA; or

(ii) issued by any other supervisory authority or appropriate body and approved by the Treasury. Source: Article 35 (1) (4) The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, 2017 ​

BLANK