The FCA urges UK banks to enhance PEP treatment and balance AML rules for politicians and public servants.
The UK's Financial Conduct Authority (FCA) has called on banks to improve the way they treat political figures, following concerns about how firms in the UK are meeting requirements for politically exposed persons (PEPs). The FCA found that most firms in its review did not subject PEPs to excessive or disproportionate checks, but all firms could improve their application of anti-money laundering (AML) rules on PEPs. The FCA urged banks to strike a balance and avoid undue disadvantages to politicians and public servants.
July 18, 2024
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