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

Politically exposed persons. A financial institution or a person engaged in other business activity shall : 1. document money laundering and terrorist financing policies and procedures and appropriate risk management systems; 2. create policies and procedures that deal with politically exposed persons; 3. configure information technology systems to identify politically exposed persons; 4. ensure that transactions relating to politically exposed persons are authorized by senior management; 5. ensure that source of funds and source of wealth are determined for politically exposed persons; 6. enhance customer due diligence that must be performed on an on-going basis on all accounts held by politically exposed persons. Source: Article 18, Money Laundering Prevention Act–St. Lucia: No. 8, 2010

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