20 Questions
Which of the following is NOT a government position that fits into the definition of a Politically Exposed Person?
Minister of Education
Why is it important to include family members in the PEP definition?
To prevent potential risks from close family ties
What is the approach recommended by the Financial Action Task Force for treating former PEPs?
Risk-based approach
What was the outcome of the Luanda Leaks investigation?
Billions of dollars were funneled away from Angolan government funds
What is the term used to describe relationships outside of family, such as a boyfriend or girlfriend, in the context of PEPs?
Close associates
What is the definition of a PEP not clearly defined?
Time period for which a person remains a PEP
What is the name of the organization that conducted the investigation into Isabel dos Santos and her associates?
International Consortium of Investigative Journalists
What is the term used to describe the act of diverting public funds for personal gain?
Embezzlement
Why is it important to conduct thorough research on PEPs and their relationships?
To prevent potential risks from close relationships
What is the significance of the Luanda Leaks investigation in the context of PEPs?
It led to widespread discussions about corruption and accountability
What is the primary reason why Political Exposed Persons are considered an increased risk in the Know Your Customer field?
They are in positions that can be potentially abused for money laundering and related crimes
What is the acronym for the intergovernmental organization that regulates standards and recommendations for addressing Financial Economic Crime?
FATF
What is the term used to describe a person who holds or has held a prominent public function?
Political Exposed Person
Why are FATF Recommendations 12 and 22 important in relation to Political Exposed Persons?
They require countries to ensure that financial institutions take measures to prevent abuse and detect potential abuse
What is the purpose of the FATF's PEP requirements?
To prevent financial system and society in general against abuse, corruption, and bribery
What happens when a business relationship with a PEP is denied without an unacceptable risk underlying it?
It violates the letter and spirit of the FATF recommendation
What is the primary concern related to Political Exposed Persons and financial crimes?
They are in positions that can be potentially abused for money laundering and related crimes
What is the relationship between Political Exposed Persons and terrorist financing?
PEPs are in positions that can be potentially abused for activities related to terrorist financing
What is the definition of a Political Exposed Person according to the Financial Action Task Force?
A person who holds or has held a prominent public function
What is the goal of the FATF's recommendations related to Political Exposed Persons?
To prevent financial system and society in general against abuse, corruption, and bribery
Learn about the definition of a Political Exposed Person (PEP) and its significance in the Know Your Customer field. Discover how the Financial Action Task Force (FATF) regulates and addresses Financial Economic Crime internationally. Test your understanding of PEP and its implications.
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