Regulatory Alerts2017-10-23 | 24025Added · Updated
FIU PEP Guidance Note 2017
Financial Institutions and Listed Businesses must apply enhanced due diligence measures to foreign Politically Exposed Persons (PEPs), their immediate family members, and close associates, including obtaining senior management approval and determining the source of wealth and funds. For domestic and international organization PEPs, enhanced due diligence is required only where higher risks are identified. The guidance defines PEP categories, outlines specific red flags for suspicious activity, and clarifies that PEP status in Trinidad and Tobago is permanent with no expiration period.