Financial Institutions: Politically Exposed Persons — Written Question

Question

Kevin Hollinrake

Conservative — Thirsk and Malton

To ask the Chancellor of the Exchequer, what guidance has (a) HM Treasury and (b) the FCA given to financial institutions on removing an individual from being treated as a Political Exposed Person from their records once they cease to meet the definition

Answer

Rachel Blake

The FCA publishes guidance on the requirements of the Money Laundering Regulations (MLRs) with regard to politically exposed persons (PEPs). The guidance is clear that financial institutions must treat PEPs as a PEP for at least 12 months after they leave...

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