What is Politically Exposed Person?
Politically Exposed Person An individual entrusted with prominent public functions, whose position exposes them to a higher risk of involvement in bribery or corruption, as defined in FATF and Wolfsberg guidance.
Source: CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework
How is “Politically Exposed Person” Used in Practice?
Enhanced due diligence is required for accounts held by a politically exposed person due to higher money laundering risks.
Certification Exam Relevance
Who Needs to Know This Term?
- Financial Analysts
- Bankers
- Traders
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What is Politically Exposed Person?
An individual entrusted with prominent public functions, whose position exposes them to a higher risk of involvement in bribery or corruption, as defined in FATF and Wolfsberg guidance.
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