The FCA has set out the issues it will consider as part of its review of firms:
- Applying the definition of PEPs to individuals;
- Conducting proportionate risk assessments of UK PEPs, their family members and known close associates;
- Applying enhanced due diligence and ongoing monitoring proportionately in line with risk;
- Deciding to reject or close accounts for PEPs, their family members and known close associates;
- Effectively communicating with their PEP customers; and
- Keeping their PEP controls under review to ensure they remain appropriate.
Firms can view the FCA press release to remain up-to-date on the review.