The paper is focused on the banking sector, not on other financial and nonfinancial sectors vulnerable to the laundering of corrupt funds. These other sectors may find the recommendations and good practices provided in this paper relevant, but should analyze the findings of this paper in light of their particular circumstances and specific features. The paper includes a number of practical tools to help guide banks, regulators, and other public authorities. The paper is organized into four major parts: the remainder of this part (part one) sets out some of the main observations and trends in politically exposed person (PEPs) compliance and an analysis of the principal reasons for poor compliance and overall ineffectiveness of systems to detect and monitor PEPs. Part two focuses on the implementation of PEP measures by regulatory authorities and banks. Part three reviews the roles of the public authorities that are primarily involved in preventing abuse by corrupt PEPs. These authorities include the regulatory authority, which is responsible for providing guidance to banks and enforcing compliance, as well as the financial intelligence unit (FIU), which has a role in the context of suspicious transaction reports (STRs) on PEPs. Finally, part four considers some of the cross-cutting issues national cooperation, training, and resources that must be addressed by all stakeholders.

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Yes, you can access Politically Exposed Persons by Theodore S. Greenberg, Larissa Gray, Delphine Schantz, Carolin Gardner, Michael Latham in PDF and/or ePUB format, as well as other popular books in Negocios y empresa & Gestión de riesgos financieros. We have over one million books available in our catalogue for you to explore.

Information

Publisher

World Bank

Year

2010

ISBN

9780821382493

Topic

Negocios y empresa

Subtopic

Gestión de riesgos financieros

Contents
Acknowledgments
Abbreviations
Executive Summary and Principal Recommendations
Part 1 Introduction and General Observations
Part 2 Implementation of International Standards on PEPs by Banks and Regulatory Authorities
Part 3 Role of Regulatory Authorities and the Financial Intelligence Unit
Part 4 National Cooperation, Training, and Resources
Appendixes
Index