Last year, we launched a review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms.
We had been on track to publish the findings from this review in line with the end of June deadline set in the Financial Services and Markets Act 2023.
However, we do not think it is appropriate to publish the review during the pre-election period. We will now publish it in July once Parliament has returned.
Notes to Editors
- Read the statement announcing the review[1].
- Read the terms of reference[2].
- Read FG17/6: The treatment of politically exposed persons for anti-money laundering purposes[3].
- As announced in August 2023, we collected experiences from MPs, peers and other interested parties[4].
- This review was being conducted in compliance with Section 78 of the Financial Services and Markets Act 2023.
- The review assessed how firms are adhering to the anti-money laundering legislation and FCA guidance to conduct proportionate and risk based due diligence on their clients.
- The definition of a PEP derives from the international standards issued by the Financial Action Taskforce[5].
- This work is separate to our data request on bank account closures.