Understanding the Risks of Politically Exposed Persons

Start Time

11 MAY, 2023
08:30 AM

End Time

11 MAY, 2023
12:30 PM

Location

Aruba, Caya Taratata 3-A, Unit 8.

Introduction

A Politically Exposed Person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. Per Aruban and international regulations, service providers are obliged to make a determination as to whether the customer or Ultimate Beneficial Owner (UBO) is a PEP, and if so, classify them into the different categories of PEP.

Topics

Legal requirements
What and Who are Politically Exposed Persons? – different categories
Which positions qualify a person as a PEP?
Key terms in the PEP definition – prominent public position or function – Governing bodies – International Organisation – State owned etc.
Immediate family members & close associates
How to identify a PEP? Risk Based Approach – PEP Procedure
Conducting Enhanced Due Diligence (EDD)
Source of Wealth, Source of Funds and Red Flags
PEP Risks as a client – How to Identify Red Flags – mitigating these risks
Can you do business with a PEP?
Triggers – Monitoring – Adverse Media
When does a PEP stop being a PEP?
Penalties for non-compliance

Target group

Money Laundering Compliance Officers
Money Laundering Reporting Officers
Other Compliance staff
Personnel involved with transaction monitoring

Benefits

After this training you will understand the basic criteria for deciding who is a PEP and which roles qualify someone as a PEP. You will know what steps have to be taken when approving and maintaining a PEP as client and lastly, you will understand the ongoing monitoring and the importance of carrying out the necessary due diligence throughout the business relationship with a PEP.

Level

There are no requirements for participation.

Duration of the training

The duration of the training is 4 hours.

Costs

AWG 445,- pp. (incl. taxes)

Costs includes: Training sheets and Certificate of participation.

Date: May 11, 2023

Time: 8:30 – 12:30

Location: This training will be held at the training center of Compliance Services Caribbean located at Caya Taratata 3-A, Unit 8 (Opposite RBC Bank Italiëstraat).