A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent function. Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery.
What is PEP process?
What is PEP screening? PEP screening is a process to identify and conduct customer due diligence on any politically exposed person as part of a robust Anti-Money Laundering and Know Your Customer (AML/KYC) program.
What are types of PEP?
Examples of PEPs include heads of state, government ministers or equivalent politicians, senior government executives, high-ranking judges, high-ranking military officers, central bank governors, or board members or executives of an international organisation.
Who qualifies as a PEP?
1. A politically exposed person (PEP) is defined by the Financial Action Task Force (FATF) as an individual who is or has been entrusted with a prominent public function.
Why PEP is high risk?
Why are PEPs particularly risky? Because of their influential public position, politically exposed persons are assumed to be at greater risk of corruption and money laundering.
Which drugs are used for PEP?
The medication now used for PEP is a single tablet called Truvada and two tablets of raltegravir. Side effects from PEP are likely to be mild ones in the first few days, such as nausea, headaches or tiredness.
What causes PEP failure?
It can fail because: the person doesn’t or isn’t able to take PEP as prescribed (every day for a month) some anti-HIV drugs don’t work against some strains of HIV (although this is rare) the initial viral load (the amount of HIV) in the body was too great for the drugs to be effective.
What are the 3 types of PEPs?
These requirements are based on internationally recognized standards established by the Financial Action Task Force (FATF) that recommends that all countries consider domestic PEPs, foreign PEPs, and HIOs as part of their approach to combatting ML and TF.
What are the 3 stages of money laundering?
The process of laundering money typically involves three steps: placement, layering, and integration.
What are the red flags in AML?
Red Flags of Money Laundering
- Client reluctant to provide complete information on identity or occupation if asked.
- Client uses unusual or suspicious identification documents that cannot be readily verified.
- Background differs from that which would be expected based on information provided and activities.
What are sanctions in KYC?
The sanction means measures taken by countries to restrict trade and official contact with a country with broken international law. Sanction Screening Service helps companies detect financial crimes and comply with AML / KYC regulations.
How do you do PEP screening?
Therefore, the minimum data financial institutions should know for an effective PEP Screening include:
- Full name.
- Date of birth or year.
- Country of political exposure.
- Gender.
- Politically exposed roles, appointment dates, and years.
- The date PEP left its post.
What to do if client is a PEP?
If your client is a PEP, you should apply enhanced due diligence measures.
Handling PEP clients
- get senior management approval for the business relationship.
- take adequate measures to establish the source of wealth and source of funds.
- closely monitor the business relationship throughout.
What is screening in AML?
Screening is a critical part of anti-money laundering (AML) compliance programs and the fight against financial crime. Banks must vet customers against sanctions, watchlists, politically exposed persons (PEPs) and adverse media lists.
What is the last stage of money laundering?
the integration stage
The final stage of the money laundering process is termed the integration stage. It is at the integration stage where the money is returned to the criminal from what seem to be legitimate sources.
How do you identify suspicious transactions?
An assessment of suspicion should be based on a reasonable evaluation of relevant factors, including the knowledge of the customer’s business, whether the transactions are in keeping with normal industry practices, financial history, background and behaviour.
What are the 3 types of PEPs?
These requirements are based on internationally recognized standards established by the Financial Action Task Force (FATF) that recommends that all countries consider domestic PEPs, foreign PEPs, and HIOs as part of their approach to combatting ML and TF.
Can I use ARVs as PEP?
Post-exposure prophylaxis (PEP) is the short-term use of antiretrovirals (ARVs) to reduce the probability of contracting HIV after potential exposure, either occupational (through a work-related accident) or non-occupational (for example, during unprotected sex, rape, or the use of contaminated injection supplies).
What PEP means?
In the financial regulation industry, PEP stands for politically exposed person.
Is taking PEP for 14 days effective?
There have been small animal studies that have suggested 28 days is optimal8 and a case-control study of health care workers14 showed failure of PEP when the 28 days of treatment was not completed. Therefore, current guidelines recommend that 4 weeks of PEP should be used.
How expensive is PEP?
The cost of PEP ranges from $600 to over $1000. Many health insurance plans, including Medicaid, cover PEP in full or in part. If you don’t have insurance, talk to your medical provider about available drug assistance programs.
What are side effects of PEP?
The most common side-effects were fatigue (37% of PEP users), diarrhoea (25%), nausea (24%), flatulence (24%), abdominal cramps (21%), bloating (16%), headache (15%), vivid dreams (15%), depression (10%) and thirst (10%).
Does PEP cause liver damage?
Liver dysfunction was found in 10 cases (38.5%), while drug rash was found in 18 cases (69.2%) after PEP. The prevalence of side effects in HCPs who experienced PEP was higher than that in HIV/AIDS patients P < 0.05. One nurse (3.8%) experienced severe gastrointestinal symptoms, which led to withdrawal of PEP.
Can you test positive while on PEP?
In short, most official guidelines still recommend testing at 6 months for patients who have undergone PEP. Sometimes testing at 3 months post exposure is good enough but this really depends on what kind of test is done.
Does PEP weaken the immune system?
Does Pep lower your immune system? 32Theoretically, it is possible that these medications can weaken the immune system when utilized this manner and may actually increase that the threat of HIV disease if an exposure occurs. If danger of esophageal exposure is deemed high, research PEP for hepatitis.
How many times can you take PEP?
The sooner you start, the better it works — every hour matters. You take PEP 1-2 times a day for at least 28 days. The medicines used in PEP are called antiretroviral medications (ART). These medicines work by stopping HIV from spreading through your body.
What happens if I miss one day of PEP?
Do not double a dose if you miss one. If you do miss a dose and you remember in less than 24 hours, take the missed dose as soon as you remember. If you miss more than 48 hours of PEP ( two consecutive doses ) it will be discontinued.
Can I eat after taking PEP?
Take your drugs with meals to help reduce these problems. Nausea is often worse on an empty stomach, so try to eat small meals every few hours. Eating slowly can help.
Does PEP make you sick?
PEP is safe but may cause side effects like nausea in some people. In almost all cases, these side effects can be treated and aren’t life-threatening.
How long is PEP taken?
PEP must be started within 72 hours (3 days) after a possible exposure to HIV. The sooner you start it, the better; every hour counts. You need to take the PEP medicines every day for 28 days.
Can I stop PEP after 7 days?
PEP usually isn’t given more than 72 hours (3 days) after exposure as studies show it is unlikely to be effective. However, if you are unable to access PEP within the 72 hours, even if it has been up to 5-7 days since the exposure occurred, it is still worth seeking medical advice to see what your options are.