What is considered a PEP?
What is considered a PEP?
In basic terms, a Politically Exposed Person is someone who, through their prominent position or influence, is more susceptible to being involved in bribery or corruption.
What is PEP declaration?
POLITICALLY EXPOSED PERSON (PEP) DECLARATION Like all estate agents (and many other industries), we are required to ascertain from all buyers and sellers whether they or any member of their immediate family is classed as a Politically Exposed Person (PEP).
Why is it important to identify PEPs?
PEP Screening allows PEPs to be detected. The most important reason for detecting PEPs is that they are defined as high-risk people because they have more opportunities to earn illegal income, such as money laundering, terrorism financing, corruption, and bribery.
Are all PEPs high risk?
While Financial Action Task Force (FATF) guidance3 recommends that all foreign PEPs should automatically be classified as high risk, the Wolfsberg Group advocates for the application of an RBA for all PEPs, whether foreign or domestic.
How long is a PEP considered a PEP?
12 months
The money laundering offences A politically exposed person (PEP) is someone who’s been appointed by a community institution, an international body or a state, including the UK, to a high-profile position within the last 12 months.
Is a PEP always high risk?
Foreign PEPs are always considered high risk and require the application of enhanced due diligence measures, as for all higher risk customers as described in Recommendation 10.
What is a low risk PEP?
FIs may conclude that a PEP whose political position and country of political exposure has a low risk of corruption, who has a genuine business need for their financial product and against whom there is no indication of higher levels of risk, can be subject to a lower level of due diligence requirements.
Why is PEP high risk?
Due to their influence, many PEPs are in positions that potentially can be abused for the purpose of committing money laundering (ML) offences and related predicate offences, such as corruption, bribery, and supporting terrorist funding (TF).
Who is PEP target market?
Pep’s target market is the mass lower- to middle-income end of the market. As such it seeks to sell low-cost clothes and is the largest single-brand retailer in South Africa.
Are all PEP high risk?
What is the Dow Jones and why is it important?
To investors, the Dow Jones is defined as a collection of blue-chip companies with consistently stable earnings that include Walt Disney Company, Exxon Mobil Corporation, and Microsoft Corporation. When the TV networks say “the market is up today,” they are generally referring to the Dow.
What is the Dow Jones Index?
Often referred to as “the Dow,” the DJIA is one of the oldest, single most-watched indices in the world. To investors, the Dow Jones is defined as a collection of blue-chip companies with consistently stable earnings that include Walt Disney Company, Exxon Mobil Corporation, and Microsoft Corporation.
What companies have been added to the Dow Jones industrial average?
Dow Jones Industrial Average Components Company Symbol Year Added 3M MMM 1976 American Express AXP 1982 Amgen AMGN 2020 Apple Inc. AAPL 2015
What are the original components of the Dow?
The first components operated in railroads, cotton, gas, sugar, tobacco and oil. General Electric is the only one of the original Dow components that is still a part of the index in 2018. As the economy changes over time, so does the composition of the index.