Anti-Money Laundering · glossary
Closer checks than usual, for a high-risk matter or one with a PEP behind the client. The firm finds out who really controls the client, and where its money and wealth come from. Nothing beyond opening the matter happens until they are done. EDD and Senior Management Approval, Tab 6 · Chapter 5 · see PEP, Senior management approval
Explained in Chapter 5, PEPs, Sanctions Screening and Enhanced Due Diligence, of Anti-Money Laundering.
You screen everyone behind the client before the firm goes further. One check looks for people in high public office, called politically exposed persons (PEPs). If a PEP owns the client, the firm may still act. It needs closer checks, called enhanced due diligence (EDD), and the managing partner’s written approval. The other check is against the sanctions list, and a true match there stops all work at once.Read Chapter 5, PEPs, Sanctions Screening and Enhanced Due Diligence →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Anti-Money Laundering and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
Related terms
Where this term lives
This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Anti-Money Laundering → · All terms A–Z →