Politically Exposed Persons Preventive Measures For The Banking Sector

In Recent Years, Revelations Of Grand Corruption And The Plunder Of State Assets Have Led To Greater Scrutiny Of Financial Relationships With Politically Exposed Persons (peps) - Senior Government Officials, Family Members And Close Associates - And Potential Money Laundering Risks Associated With These Customers. 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. Politically Exposed Persons: A Guide To Strengthening Preventive Measures For The Banking Sector Is Designed To Help Banks And Regulatory Authorities Address The Risks Posed By Peps And Prevent Corrupt Peps From Abusing Domestic And International Financial Systems To Launder The Proceeds Of Corruption.