SCOPE FinTech Solutions

Under the Wwft, why is it important for you to check whether your client is a PEP (Politically Prominent Person)?

Under the Wwft, why is it important for you to check whether your client is a PEP (Politically Prominent Person)?

Under the Money Laundering and Terrorist Financing Prevention Act (Wwft), it is important to check whether a client is a Politically Exposed Person (PEP) because PEPs may pose a greater risk of money laundering and terrorist financing than other clients.

Measures around PEP

A PEP is someone who holds or has held public office or someone who holds an important position within a company or organization. This could include a politician or director of a state-owned company or a high-ranking official of an international organization. PEPs often have access to large amounts of money and can use it to launder money or fund terrorist activities.

When you learn that a client is a PEP, you must take additional measures to reduce any risks. This may include, for example, gathering more information about the client and his or her transactions, or performing additional checks. This helps detect and prevent any illegality quickly.

In addition, it is also mandatory to make a PEP report to the FIU (Financial Intelligence Unit) if a business relationship is established with a PEP or a suspicious transaction occurs.

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Talitha Dirven
Ik ben Talitha Dirven en werkzaam als Finance & Operations Manager bij SCOPE FinTech Solutions. Ik schrijf veel content over de voordelen van onze software en op welke manier klanten het in de praktijk het beste kunnen inzetten zodat ze optimaal van de voordelen gebruik maken. De markt is enorm dynamisch qua nieuws, veranderingen in wet- & regelgeving, duidelijkheid over de toepassing ervan en technologische ontwikkelingen en om hier allemaal goed van op de hoogte te blijven bezoek ik samen met mijn collega’s veel kennisbijeenkomsten, evenementen en zorgen we dat we de belangrijke ontwikkelingen verwerken in onze content en delen met onze klanten en partners via onze website, nieuwsbrieven en bijeenkomsten. Mijn blogs en nieuws vind je hier.

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