(1) The FCA must review its guidance on politically exposed persons ("PEPs") given under section 139A of FSMA 2000 and in compliance with the requirements under regulation 48 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) ("the 2017 Regulations").
(2) The review required under subsection (1) must include -
(a) an assessment of the extent to which the guidance is followed by those persons to whom it is given under regulation 48 of the 2017 Regulations, and
(b) in the light of that assessment, consideration as to whether the guidance remains appropriate or whether it should be revised.
(a) before the end of 3 months beginning with the day on which this section comes into force, publish an update on the FCA’s plan for the review required under subsection (1), and
(b) before the end of 12 months beginning with the day on which this section comes into force -
(i) publish the conclusions of t
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