Regulatory Alerts2003-01-01
Instruction CTRF No. 03-2023 on Obligations Regarding Politically Exposed Persons
The Financial Intelligence Processing Unit (CTRF) issued Instruction No. 03-2023 to define the specific compliance obligations for regulated entities concerning Politically Exposed Persons (PEPs). The instruction mandates the implementation of risk-based procedures, enhanced due diligence, senior management approval, and continuous monitoring for all business relationships involving PEPs. It further requires specific verification of fund origins and suspicious activity reporting, particularly regarding life insurance payouts, with non-compliance subject to legal penalties.
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