作者 Greenberg, Theodore S
書名 Politically Exposed Persons : A Guide on Preventive Measures for the Banking Sector
出版項 Herndon : World Bank Publications, 2010
©2010
國際標準書號 9780821383339 (electronic bk.)
9780821382493
book jacket
說明 1 online resource (112 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
附註 Intro -- Title Page -- Copyright -- Contents -- Acknowledgments -- Abbreviations -- Executive Summary and Principal Recommendations -- Part 1: Introduction and General Observations -- 1. Introduction -- Low Compliance with International Standards -- Objective -- Methodology -- How to Use This Paper -- 2. General Observations and Challenges -- Low Level of Compliance with International Standards -- Link between PEPs and Anti-Money Laundering Policies and Procedures -- Banks Generally Indicate Doing More Than FATF, Legislation, or Regulation Requires -- Why Focus on PEPs? -- Part 2: Implementation of International Standards on PEPs by Banks and Regulatory Authorities -- 3. Applying a Risk-Based Approach -- 4. Who Is a PEP? -- Domestic versus Foreign PEPs -- Family Members and Close Associates -- Other Categories -- 5. How Long Is a PEP Considered a PEP? -- 6. Identification of PEPs: Who to Check and When to Check -- Who to Check? -- When to Check? -- 7. Identification of PEPs: How to Check -- Would a National or International List of PEPs Be Easier? -- Identification of the Beneficial Owner: Will the True Owner Please Stand Up? -- Identification Tools -- 8. Identification of PEPs: Commercial and In-House Databases -- 9. Identifying and Verifying Source of Wealth and Source of Funds -- 10. PEP Approval by Senior Management -- 11. Enhanced Ongoing Monitoring -- Transaction Monitoring -- Awareness of PEP Customers: Maintaining Access to a List of PEP Customers -- Keeping the Customer Profile Updated -- Periodic Review Process -- Part 3: Role of Regulatory Authorities and the Financial Intelligence Unit -- 12. Regulatory Authorities -- Regulation of Bank PEPs Controls -- Need for Additional Guidance from the Regulatory Authority -- Sanctions -- 13. Suspicious Transaction Reporting and Financial Intelligence Units
FIU Guidance to Reporting Institutions -- Gathering Information -- Part 4: National Cooperation, Training, and Resources -- 14. National Cooperation: Agencies and the Industry -- 15. Training and Resources -- Appendixes -- A: Summary of Recommendations-Quick Reference Sheet -- B: Summary of Good Practices-Quick Reference Sheet -- C: Comparison of the PEP Definitions and Enhanced Due Diligence Requirements -- D: United Nations Convention against Corruption (UNCAC) and Interpretative Notes -- E: Financial Action Task Force on Money Laundering (FATF)-Recommendations, Interpretative Notes, and Methodology -- F: Directives of the European Parliament and of the Council -- G: Field Mission Survey-Questions for Banks, Regulators, and Financial Intelligence Units -- Index -- Back cover
In recent years, the revelations of grand corruption and the scale of the plunder of state assets has led to greater scrutiny of financial relationships with politically exposed persons (PEPs) and potential money laundering risks associated with these customers. PEPs-individuals who are or have been entrusted with prominent public functions, their family members, and close associates-represent a greater risk because of the possibility that such individuals may abuse their position and influence to accept and extort bribes and misappropriate state assets. Implementation of an effective PEPs regime is a critical component of the prevention and detection of transfers of proceeds of crime and therefore ultimately in the process of recovering these proceeds of corruption. The United Nations Convention against Corruption (UNCAC) and the Financial Action Task Force (FATF) Forty Recommendations on Money Laundering require countries to ensure that financial institutions implement systems for identification and verification of PEP customers, enhanced due diligence procedures at account opening, and ongoing monitoring. Notwithstanding the efforts by many financial institutions and regulatory authorities to prevent corrupt PEPs from entering and using the financial system to launder the proceeds of corruption, there has been an overall failure in the effective implementation of risk based systems to detect corruption proceeds. In this context, Politically Exposed Persons-A Guide on Preventive Measures for the Banking Sector is designed to help build regimes that will facilitate the identification of corrupt PEPs and their efforts to launder money through banks. The authors identify recommendations and good practices aimed at improving compliance with international standards and increasing supervisory effectiveness
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
鏈接 Print version: Greenberg, Theodore S. Politically Exposed Persons : A Guide on Preventive Measures for the Banking Sector Herndon : World Bank Publications,c2010 9780821382493
主題 Money laundering -- Prevention.;Financial institutions -- Corrupt practices.;Political corruption
Electronic books
Alt Author Gray, Larissa
Schantz, Delphine
Gardner, Carolin
Latham, Michael