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It is essential to identify any "family members" or "close associates" of politically exposed persons...

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It is essential to identify any "family members" or "close associates" of politically exposed persons (PEPs) as part of the KYC/CDD process because they could be:

A.

executing cross-border transactions for their own business which is not commensurate to the PEP's wealth.

B.

in a position to provide more information regarding the PEP's whereabouts and hidden properties.

C.

travelling to offshore jurisdictions often on holiday which exposes them to higher risks for AML.

D.

used as intermediaries to facilitate bribery or corruption or to conceal the illicit wealth of the PEP.

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