The Importance of Why Firms Dealing with PEPs Must Adopt a Risk-Based Approach to Their Compliance Programmes
13 Pages Posted: 27 Apr 2015 Last revised: 28 Jul 2015
Date Written: October 10, 2013
Purpose – The purpose of this paper is to discuss the importance of why firms must adopt a risk-based approach to their compliance programmes.
Design/methodology/approach – This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research.
Findings – A risked based approach has proved to be advantageous in helping firms reduce the risk(s) posed by PEPs.
Research limitations/implications – This paper discusses the importance of the risk-based approach in relation to Politically Exposed Persons. It does not deal with other high risk customers.
Keywords: Risk-Based Approach, PEPs, Customer Due Diligence, Enhanced Due Diligence, Senior Management Approval, Enhanced On Going Monitoring
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