{"id":8973,"date":"2024-10-18T12:10:10","date_gmt":"2024-10-18T12:10:10","guid":{"rendered":"https:\/\/www.amlcc.com\/?p=8973"},"modified":"2024-10-18T12:58:59","modified_gmt":"2024-10-18T12:58:59","slug":"a-quick-guide-to-the-new-rules-on-uk-peps","status":"publish","type":"post","link":"https:\/\/www.amlcc.com\/vc\/a-quick-guide-to-the-new-rules-on-uk-peps\/","title":{"rendered":"A quick guide to the new rules on UK PEPs"},"content":{"rendered":"\n

A quick guide to the new rules on UK PEPs<\/h1>\n\n\n
\"Richard<\/div>
Richard Simms<\/span>

Director and Founder of AMLCC and AMLCC Consult<\/h3><\/div><\/div><\/div><\/div>\n\n\n
\"A<\/figure><\/div><\/div>\n\n\n\n
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What is a PEP?<\/strong><\/h2>\n\n\n\n

A Politically Exposed Person (PEP) is an individual who holds or has held a prominent public function, either in the UK or abroad. <\/p>\n\n\n\n

This includes heads of state, senior politicians, senior government officials, senior judicial or military officials, senior executives of state-owned corporations, and important political party officials. Family members and close associates are also considered PEPs due to their potential influence and access to funds.<\/p>\n\n\n\n

Due to their power and influence, PEPs are more vulnerable to corruption. Which is why the Regulations have always demanded more scrutiny of them. <\/p>\n\n\n\n

What are the new rules on UK PEPs?<\/strong><\/h2>\n\n\n\n

Previously, a complete set of enhanced due diligence (EDD) measures were mandatory for all PEPs, regardless of their country of origin. Now, while EDD still needs to be used for domestic PEPs, regulated professionals are being asked to make the assumption they\u2019re lower risk than their foreign counterparts – and to act accordingly.<\/p>\n\n\n\n

To quote the Regulations<\/a>:<\/p>\n\n\n\n

\u2026where a customer or potential customer is a domestic PEP, or a family member or a known close associate of a domestic PEP\u2014<\/p>\n\n\n\n

(a) the starting point for the assessment is that the customer or potential customer presents a lower level of risk than a non-domestic PEP, and<\/p>\n\n\n\n

(b) if no enhanced risk factors are present, the extent of enhanced customer due diligence measures to be applied in relation to that customer or potential customer is less than the extent to be applied in the case of a non-domestic PEP.\u201d<\/p>\n\n\n\n

This essentially allows businesses to apply a risk-based approach when assessing domestic PEPs, so resources can be focused on higher-risk areas.<\/p>\n\n\n\n

It\u2019s crucial to note that while the legislation provides a degree of relief for domestic PEPs, it doesn\u2019t eliminate the need for EDD altogether.<\/p>\n\n\n\n

Why have the rules on PEPs changed?<\/strong><\/h2>\n\n\n\n

In July 2023 the now-leader of Reform UK, Nigel Farage, alleged that private bank Coutts had closed his accounts<\/a> with them due to his political views. Former UK Chancellor Jeremy Hunt also revealed that he\u2019d been denied a Monzo account <\/a>due to his PEP status. <\/p>\n\n\n\n

In the wake of these stories, the Government announced that it was reviewing how domestic PEPs should be treated under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. As of 10 January 2024, domestic Politically Exposed Persons (PEPs) have been given a lower starting risk status to foreign PEPs. <\/p>\n\n\n\n

The rationale behind this change lies, aside from UK politically exposed individuals objecting to being seen as inherently high risk, in the understanding that domestic PEPs operate in a relatively well-regulated political system. As a result, the inherent risk associated with them should, in theory, be lower than that of PEPs from foreign jurisdictions.<\/p>\n\n\n\n

What action do you need to take?<\/strong><\/h2>\n\n\n\n

Update your AML PCPs<\/strong><\/p>\n\n\n\n

Your AML policies, controls and procedures (PCPs) are a good place to start. If they\u2019re compliant, they\u2019ll already include comprehensive guidance for identifying PEPs, the enhanced due diligence to undertake when employees encounter one and ongoing monitoring and reporting requirements of your business. You just need to make a few small changes.<\/p>\n\n\n\n

If you\u2019re an AMLCC user, we incorporated the Regulation change into AMLCC when it was announced. You can simply go to the PEP section of your AML policy and edit the update to align with your business\u2019 situation and processes.<\/p>\n\n\n\n

For those of you who have a policy outside of AMLCC, make sure you read the regulations thoroughly and understand what they ask of you. Then incorporate them into your AML PCPs appropriately.<\/p>\n\n\n\n

Make sure your employees are aware of the change<\/strong><\/p>\n\n\n\n

If you\u2019re updating an AMLCC AML policy, all users in your business will have to acknowledge they understand the PEP changes you make. The MLRO can see who\u2019s done this and who hasn\u2019t on their live dashboard. <\/p>\n\n\n\n

Other businesses need to make sure that they inform their staff of the changes and raise awareness about the new PEP AML PCPs through training.<\/p>\n\n\n\n

Updated or new risk assessments<\/strong><\/p>\n\n\n\n

AMLCC users will have noticed that the wording for AMLCC\u2019s business and client risk assessments reflect the new regulations. Or you’ll see the changes when you next conduct a new risk assessment or update your existing ones.\u00a0<\/p>\n\n\n\n

All businesses regulated for AML need to conduct regular risk assessments. As part of that process, you need to identify potential PEP exposure in your client base. This consideration should reflect the Regulation\u2019s new update.\u00a0<\/p>\n\n\n\n

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Book a demo<\/a><\/div>\n<\/div>\n\n\n\n
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The one-stop AML solution<\/h3><\/div>\n\n\n\n

Educate your teams, improve efficiency and achieve AML compliance all in one place, using AMLCC.<\/p>\n\n\n\n

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Book now<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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We know AML<\/h3><\/div>\n\n\n\n

We\u2019re regulated professionals too. We know what you need to comply with the Regulations.
<\/p>\n\n\n\n

\n
<\/path><\/svg><\/span>We\u2019re internationally recognised AML experts<\/span><\/div>\n\n\n\n
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Find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n
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  1. What is a PEP?<\/a>
  2. What are the new rules on UK PEPs?<\/a>
  3. Why have the rules on PEPs changed?<\/a>
  4. What action do you need to take?<\/a><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n
    \n

    The one-stop AML solution<\/h3><\/div>\n\n\n\n

    Educate your teams, improve efficiency and achieve AML compliance all in one place, using AMLCC. <\/p>\n\n\n\n

    Talk to our experts about how we can help you secure your business.<\/p>\n\n\n\n

    \n
    Book a demo<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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    We know AML<\/h3><\/div>\n\n\n\n

    We\u2019re regulated professionals too. We know what you need to comply with the Regulations.
    <\/p>\n\n\n\n

    \n
    <\/path><\/svg><\/span>We\u2019re internationally recognised AML experts<\/span><\/div>\n\n\n\n
    <\/path><\/svg><\/span>We work with most accountancy supervisors and the Law Society<\/span><\/div>\n\n\n\n
    <\/path><\/svg><\/span>Bespoke AML consultancy available for all sectors<\/span><\/div>\n<\/div><\/div>\n\n\n\n
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    Find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    What others have said<\/h3><\/div>\n\n\n\n
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    “We had the man from the ICAEW here yesterday to carry out a QAD practice review. We got a clean bill of health \u2013 not a single action point\u2026That is in no small measure due to AMLCC so I just wanted to say \u2018thank you\u2019”<\/h3><\/div>\n<\/div>\n\n\n\n
    \n
    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    “Thank you for such a perfect and informative [solution]. You have given me a clear direction for my AML training and CPD.”
    <\/h3><\/div>\n<\/div>\n\n\n\n
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    “I just wanted to say \u2018thank you\u2019 to you, Richard, and all the team at AMLCC for providing a service that really does minimise the burden of AML compliance.”
    <\/h3><\/div>\n<\/div>\n\n\n\n
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    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    “What a refreshing pleasure working with a company who actually listens to the feedback from their customers and communicates with them!”
    <\/h3><\/div>\n<\/div>\n\n\n\n
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    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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    “Your team they have been excellent from the moment Fiona did a demo for me with only 15 minutes notice, and thoroughly going through the AMLCC product, answering the many questions I had! It was at this point at which I made up my mind this is the sort of business I want to work with for my AML.”
    <\/h3><\/div>\n<\/div>\n\n\n\n
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    \"\"<\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>
    <\/div><\/div>\n<\/div>\n\n\n\n
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    Making compliance easier<\/h3><\/div>\n\n\n\n
    \"AMLCC<\/figure><\/div>\n\n\n\n
    \n
    View more articles<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    What is a PEP? A Politically Exposed Person (PEP) is an individual who holds or has held a prominent public function, either in the UK or abroad.  This includes heads of state, senior politicians, senior government officials, senior judicial or military officials, senior executives of state-owned corporations, and important political party officials. Family members and […]<\/p>\n","protected":false},"author":2,"featured_media":8974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"unboxed","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nA quick guide to the new rules on UK PEPs - AMLCC<\/title>\n<meta name=\"description\" content=\"Earlier this year, the rules on how you need to risk assess a UK Politically Exposed Person (PEP) were updated. 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