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

'Article 8: Categories of customers subject to enhanced due diligence. 1. For the politically exposed persons, the subjects shall: a) design and implement effective systems of risk management to determine whether an existing or potential customer or the beneficial owner is a politically exposed person; b) to obtain the senior managers approval for establishing business relationships with the politically c) exposed persons;  c) to request and receive the approval of senior managers to continue the business relationship, in cases when the business relationship with the customer is established and the entity finds out that the customer or the beneficial owner became or subsequently  becomes a politically exposed person;  ç) to take reasonable measures to understand the source of wealth and funds of customers and the beneficial owners, identified as politically exposed persons. 2.In cases where entities have a business relationship with politically exposed persons, they must monitor with an enhanced diligence this relationship...' (Source: On the prevention of money laundering and the financing of terrorism No. 9917/19.05.2008, as amended No. 44/06.04.2017).

Politically exposed persons are subject to enhanced due diligence policies.