This review sets out our findings on how effectively firms are following our current Guidance on the treatment of politically exposed persons (PEPs) for anti money-laundering purposes.

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The review aims to:

• consider if our current Guidance remains appropriate

• outline initial changes we propose to make

The treatment of Politically Exposed Persons – multi-firm review

Who this applies to

These findings are relevant to all firms providing financial services to PEPs and their relatives and close associates (RCAs).

What we did

Our Guidance states that firms should apply a risk-based and proportionate approach to PEPs when considering money laundering risks. 

We contacted over 1,000 UK PEPs and received 65 responses. We then undertook data-gathering and analysis with firms from 5 retail sectors. We subsequently narrowed this down to 15 firms for a more detailed review. 

What we found

We found most firms had systems and controls designed to implement our Guidance. However, all the fi

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