November 5 2018
Malta’s financial intelligence unit (FIAU) is advising banks and other money handlers to apply “proportionate” risk profiles to clients who could be associated with politically-exposed persons (PEPs).
Under new anti-money laundering rules, PEPs will be subject to stricter, enhanced due diligence procedures by institutions like banks, but so will their spouses, partners, children and even parents: a long list of associates that could mean complicated banking services for relatives of a politician or high-profile functionary.