Regulatory Alerts2023-11-24
Guidelines for Financial Institutions on Politically Exposed Persons
The Bank of the Republic of Haiti issues these guidelines to mandate enhanced due diligence for financial institutions regarding Politically Exposed Persons (PEPs) and their associates. The document defines PEPs based on the April 30, 2023 decree, outlines specific risk management systems for detection during client onboarding and ongoing relationships, and requires senior management approval for business relations with PEPs. It further stipulates continuous monitoring, verification of fund origins, and internal audit controls to mitigate corruption and organized crime risks.
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