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

The Money Laundering and Proceeds of Crime Act 2008 defines within Section 16 that if the customer is a politically exposed person (wheres the Act refers to an individual, who is or has been entrusted with prominent public functions such as, among others, a holder of an executive post in a political party or Members of Parliament), accountable institution (whereas the Act refers to, among others, a financial institution as defined in the Financial Institution Act 1999) shall (a) adequately identify and verify his or her identity as set out in this Section, (b) have appropriate risk management systems to determine whether the customer is a politically exposed person, (c) obtain the approval of senior management before establishing a business relationship with the customer, (d) take reasonable measures to establish the source of wealth and source of property, and (e) conduct regular enhanced monitoring of the business relationship.