A Risk Based Approach to Politically Exposed Persons (PEPS) – Reviewing The Wolfsberg Group Guidance
The Wolfsberg Group recently updated their guidance on the approach to Politically Exposed Persons (PEPs), and advocate for the application of a Risk Based Approach (RBA) for all PEPs, whether foreign or domestic.”Where a RBA is applied, the risk factors associated with PEPs…need to be considered as part of an FIs standard customer risk assessment….these additional factors may include the political environment and the vulnerability of the PEPs country of political exposure to corruption.”
Join RDC for a 30 minute discussion on the newly updated Wolfsberg Group guidance and how it applies to your Risk Based Approach on PEP screening. We’ll review how position risk, entity risk, country risk and event risk are all factors to consider when monitoring PEPs and their close associates. Combining all these factors with adverse media can help give you the most complete profile of risk.