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035    (Au-PeEL)EBL589775 
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040    MiAaPQ|beng|erda|epn|cMiAaPQ|dMiAaPQ 
050  4 HV6768 -- .G74 2010eb 
082 0  332.1 
100 1  Greenberg, Theodore S 
245 10 Politically Exposed Persons :|bA Guide on Preventive 
       Measures for the Banking Sector 
264  1 Herndon :|bWorld Bank Publications,|c2010 
264  4 |c©2010 
300    1 online resource (112 pages) 
336    text|btxt|2rdacontent 
337    computer|bc|2rdamedia 
338    online resource|bcr|2rdacarrier 
505 0  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 
505 8  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 
520    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 
588    Description based on publisher supplied metadata and other
590    Electronic reproduction. Ann Arbor, Michigan : ProQuest 
       Ebook Central, 2020. Available via World Wide Web. Access 
       may be limited to ProQuest Ebook Central affiliated 
650  0 Money laundering -- Prevention.;Financial institutions -- 
       Corrupt practices.;Political corruption 
655  4 Electronic books 
700 1  Gray, Larissa 
700 1  Schantz, Delphine 
700 1  Gardner, Carolin 
700 1  Latham, Michael 
776 08 |iPrint version:|aGreenberg, Theodore S.|tPolitically 
       Exposed Persons : A Guide on Preventive Measures for the 
       Banking Sector|dHerndon : World Bank Publications,c2010
856 40 |u
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