Anti-Money Laundering · glossary
A close relative of a PEP, such as a child or a child’s husband or wife. A family member holds no office but gets the same close checks, because they could hold money or act for the PEP. The settlor’s daughter and Oliver are both family members. Screening Record, paragraph 3 · Chapter 5 · see PEP
Explained in Chapter 5, PEPs, Sanctions Screening and Enhanced Due Diligence, of Anti-Money Laundering.
The rule also reaches the family. Regulation 35(12) counts a PEP’s children, and their husbands or wives, as family members. A family member holds no office. But the firm checks family members just as closely, because they could hold money or act for the PEP.Read Chapter 5, PEPs, Sanctions Screening and Enhanced Due Diligence →
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