Understanding the Risks of Politically Exposed Persons

Start Time

14 JUL, 2021
08:30 AM

End Time

14 JUL, 2021
12:30 PM

Location

Aruba, Caya Taratata 3-A, Unit 16.

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: July 14, 2021

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 16 (Opposite RBC Bank Italiëstraat).