Regulatory Alerts2018-10-08
Added · Updated
Supervisory Guidance Paper on Politically Exposed Persons
Subject persons licensed or authorized by the MFSA must apply enhanced due diligence measures to politically exposed persons, their family members, and close associates under the Prevention of Money Laundering and Funding of Terrorism Regulations. These measures include obtaining senior management approval, establishing the source of wealth and funds, and conducting enhanced ongoing monitoring. The requirement to apply these measures remains mandatory for a subsequent 12-month period after a person ceases to hold a prominent public function. Subject persons must assess the risk level of each individual on a case-by-case basis to determine the appropriate proportion of due diligence required.