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We are consulting on changes to our Guidance for firms on applying a proportionate and risk-based approach to UK Politically Exposed Persons (PEPs), their relatives and close associates for anti-money laundering purposes.
Why we are consulting
The Financial Services and Markets Act 2023 requires us to review how firms are applying our Guidance to see if it remains appropriate or requires changes. We have completed a review and published our findings at the same time as this Consultation.
Generally, we found that our Guidance remains appropriate. However, we have identified the following areas where our Guidance needs to be amended due to legislative changes or to make it clearer to help firms comply:
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application to Non-Executive Board Members of civil service departments;
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sign off for PEP relationships;
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the need to reflect changes to The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) R