Table of Contents
What is HIO in banking?
June 2017. A politically exposed person (PEP) or the head of an international organization (HIO) is a person entrusted with a prominent position that typically comes with the opportunity to influence decisions and the ability to control resources.
What are the three types of PEP?
The AML/CTF Act identifies three types of PEPs.
- Domestic PEP – someone who holds a prominent public position or role in an Australian government body.
- Foreign PEP – someone who holds a prominent public position or role with a government body in a country other than Australia.
Who is a PEFP?
PEFPs are individuals (or their direct family members, and/or the person on whose behalf they are making payment) who now hold or ever did hold a senior position in or on behalf of a non- Canadian: government, civil or diplomatic service, military, government-owned corporation, political party or court.
Are mayors considered PEP?
As such, a mayor is the head of a city, town, village, or rural or metropolitan municipality, regardless of the size of the population. A person ceases to be a domestic PEP 5 years after they have left office.
What does PEPS stand for?
|PEPS||Preferred Equity Participation Securities|
|PEPS||Photovoltaic Electric Power Systems|
|PEPS||Primary Environmental Prediction System|
|PEPS||Pricing, Engineering and Proposal Software|
What is the Pcmltfa?
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) has three key objectives: to help fulfill Canada’s international commitments to fight multinational crime.
Are all PEPs high risk?
While Financial Action Task Force (FATF) guidance3 recommends that all foreign PEPs should automatically be classified as high risk, the Wolfsberg Group advocates for the application of an RBA for all PEPs, whether foreign or domestic.
How do you check if a person is a PEP?
Businesses are not required to perform extensive investigations to determine if an individual is a PEP. Rather, this can be achieved via a simple AML check which includes a screen against a register of publicly known individuals with public functions, their associates and close family.
What does PEPs stand for?
What does PEFP stand for?
|PEFP||Politically Exposed Foreign Person|
|PEFP||Proton Engineering Frontier Project|
|PEFP||Performance Electric Fuel Pump|
Are PEPs high risk?
The most important reason for the detection of PEPs is that they are defined as high-risk people because they have more opportunities to earn illegal income such as money laundering, terrorism financing, corruption, and bribery.
Are peeps short for people?
Peeps is slang for friends. (now slang) People; often especially (with personal pronoun), one’s friends or associates.