Understanding the Risks of Politically Exposed Persons
Start Time11 MAY, 2023
End Time11 MAY, 2023
LocationAruba, Caya Taratata 3-A, Unit 8.
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.
- 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
- Money Laundering Compliance Officers
- Money Laundering Reporting Officers
- Other Compliance staff
- Personnel involved with transaction monitoring
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.
There are no requirements for participation.
Duration of the training
The duration of the training is 4 hours.
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).