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World compliance PEP list

Additional Titles
World compliance politically exposed persons list
Published
[United States] : World Compliance, Inc.
[Place of distribution not identified] : [LexisNexis], [2011]-
Physical Description
1 online resource
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  • advance.lexis.com , Available online to authorized Penn State Dickinson Law users; password required for access

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Summary
World compliance provides a comprehensive database of "Politically Exposed Persons" (PEPs), their family members and close associates. While there is no global definition of a PEP, the Financial Action Task Force (FATF) has issued guidelines. Local legislation, like the USA Patriot Act or the European Union Directive, uses similar definitions of a Politically Exposed Person, typically consisting of the following five layers: 1 - Current or former senior official in the executive, legislative, administrative, military, or judicial branch of a foreign government (elected or not); 2 - A senior official of a major foreign political party; 3 - A senior executive of a foreign government owned commercial enterprise, and/or being a corporation, business or other entity formed by or for the benefit of any such individual; 4 - An immediate family member of such individual; meaning spouse, parents, siblings, children, and spouse's parents or siblings; 5 - Any individual publicly known (or actually known by the relevant financial institution) to be a close personal or professional associate. The interpretation of each of these layers varies between countries. Some jurisdictions focus only on foreign political figures. Some countries limit the definition to the national level; while others also include regional Politically Exposed Persons. While there might be slight variations of the five layers above, the expectations for an organization doing business with Politically Exposed Persons are universally similar.
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Related Titles
LEXIS (Information retrieval system)
Publication Frequency
Updated weekly, every Monday
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