Investment firm licensees must have appropriate risk management systems to determine whether a customer or beneficial owner is a Politically Exposed Person ('PEP'), or a person who is or has been entrusted with a prominent function by an international organisation, both at the time of establishing business relations and thereafter on a periodic basis. Investment firm licensees must utilise publicly available databases and information to establish whether a customer is a PEP.
Amended: October 2014
January 2007