Politically Exposed Persons : Preventive Measures for the Banking Sector
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 shou...
| Main Authors: | , , , , |
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| Format: | Publication |
| Language: | English |
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World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100427011931 http://hdl.handle.net/10986/2441 |
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okr-10986-2441 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ABUSE ABUSES ACCOUNTABILITY ACTION PLAN ACTIVE BRIBERY ANTI-CORRUPTION ANTICORRUPTION ASSETS AUDIT TRAIL BANK ACCOUNTS BANK FOR INTERNATIONAL SETTLEMENTS BANK GOVERNORS BANKING SECTOR BANKING SERVICES BANKING SUPERVISION BANKS BENEFICIAL OWNER BENEFICIAL OWNERS BRIBERY BRIBERY OF FOREIGN PUBLIC OFFICIALS BRIBES BUSINESS ACTIVITIES BUSINESS MODEL BUSINESS PROCESSES BUSINESS RELATIONSHIP BUSINESS RELATIONSHIPS BUSINESSES CAPITAL FLIGHT CENTRAL BANK CENTRAL BANKS CLIENT BASE COMPANY COMPANY FORMATION COMPLAINTS CONFIDENCE COPYRIGHT COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CORPORATE ENTITIES CORPORATIONS CORRUPT CORRUPT ACTS CORRUPT OFFICIALS CORRUPT REGIME CORRUPTION CORRUPTION INVESTIGATIONS COUNTRY OF ORIGIN CRIME CRIMINAL CRIMINAL LIABILITY CRIMINALS CURRENCY CUSTOMER BASE CUSTOMER PROFILE CUSTOMER PROFILING CUSTOMER REQUESTS DATA PROTECTION DEPOSIT DEVELOPING COUNTRIES DUE DILIGENCE EMBEZZLEMENT EMPLOYMENT EXPOSURE FINANCIAL ADVISERS FINANCIAL CRIME FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTELLIGENCE UNITS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FRAUD GOVERNANCE RESPONSIBILITIES GOVERNMENT REVENUES GRAND CORRUPTION GROSS DOMESTIC PRODUCT HARMONIZATION INCOME INDIVIDUALS INDUSTRY STANDARDS INITIATIVE INTEGRITY INTERNATIONAL BANKING INTERNATIONAL BANKS INTERNATIONAL COOPERATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTIGATIONS INVESTMENT CLIMATE JUDICIARY JURISDICTION JURISDICTIONS JUSTICE LAW ENFORCEMENT LAWS LAWYERS LEGAL ENTITIES LEGAL PERSON LEGAL PERSONS LEGAL PROFESSIONALS LEGAL PROVISIONS LEGAL RISKS LEGISLATION LICENSES LIMITED LIMITED ACCESS MACROECONOMIC STABILITY MANAGEMENT SYSTEMS MATERIAL MEDIA MEMBER STATE MEMBER STATES MINISTER MINISTERS MISAPPROPRIATION MONEY LAUNDERING NATIONAL LAW NATURAL PERSONS NATURAL RESOURCES NEGOTIABLE INSTRUMENTS NEW PRODUCT OFFENSES OFFICE HOLDER OFFICE HOLDERS PASSIVE BRIBERY PEER REVIEW PENALTY PERSONAL GAIN PERSONS PHOTOS POLITICAL PARTIES POLITICAL PARTY POLITICIANS PRIVATE BANKING PRIVATE INVESTMENT PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROSECUTION PROSECUTIONS PROSECUTOR PROSECUTORS PUBLIC AGENCIES PUBLIC ASSETS PUBLIC ENTERPRISES PUBLIC INFORMATION PUBLIC OFFICIAL PUBLIC OFFICIALS QUERIES REAL ESTATE REGULATOR REGULATORS REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY REQUIREMENTS REPUTATION REPUTATIONS RESULT RESULTS RISK MANAGEMENT RULE OF LAW SANCTIONS SCANDALS SERVICE DELIVERY SERVICE PROVIDERS SMALL BANKS SOCIAL SERVICE STAKEHOLDERS STATE ASSETS SUBSIDIARY TECHNICAL EXPERTISE TELEPHONE TERRORISM THEFT TIME PERIOD TRANSACTION TRANSITION COUNTRIES TRANSPARENCY UNION VERIFICATION |
| spellingShingle |
ABUSE ABUSES ACCOUNTABILITY ACTION PLAN ACTIVE BRIBERY ANTI-CORRUPTION ANTICORRUPTION ASSETS AUDIT TRAIL BANK ACCOUNTS BANK FOR INTERNATIONAL SETTLEMENTS BANK GOVERNORS BANKING SECTOR BANKING SERVICES BANKING SUPERVISION BANKS BENEFICIAL OWNER BENEFICIAL OWNERS BRIBERY BRIBERY OF FOREIGN PUBLIC OFFICIALS BRIBES BUSINESS ACTIVITIES BUSINESS MODEL BUSINESS PROCESSES BUSINESS RELATIONSHIP BUSINESS RELATIONSHIPS BUSINESSES CAPITAL FLIGHT CENTRAL BANK CENTRAL BANKS CLIENT BASE COMPANY COMPANY FORMATION COMPLAINTS CONFIDENCE COPYRIGHT COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CORPORATE ENTITIES CORPORATIONS CORRUPT CORRUPT ACTS CORRUPT OFFICIALS CORRUPT REGIME CORRUPTION CORRUPTION INVESTIGATIONS COUNTRY OF ORIGIN CRIME CRIMINAL CRIMINAL LIABILITY CRIMINALS CURRENCY CUSTOMER BASE CUSTOMER PROFILE CUSTOMER PROFILING CUSTOMER REQUESTS DATA PROTECTION DEPOSIT DEVELOPING COUNTRIES DUE DILIGENCE EMBEZZLEMENT EMPLOYMENT EXPOSURE FINANCIAL ADVISERS FINANCIAL CRIME FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTELLIGENCE UNITS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FRAUD GOVERNANCE RESPONSIBILITIES GOVERNMENT REVENUES GRAND CORRUPTION GROSS DOMESTIC PRODUCT HARMONIZATION INCOME INDIVIDUALS INDUSTRY STANDARDS INITIATIVE INTEGRITY INTERNATIONAL BANKING INTERNATIONAL BANKS INTERNATIONAL COOPERATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTIGATIONS INVESTMENT CLIMATE JUDICIARY JURISDICTION JURISDICTIONS JUSTICE LAW ENFORCEMENT LAWS LAWYERS LEGAL ENTITIES LEGAL PERSON LEGAL PERSONS LEGAL PROFESSIONALS LEGAL PROVISIONS LEGAL RISKS LEGISLATION LICENSES LIMITED LIMITED ACCESS MACROECONOMIC STABILITY MANAGEMENT SYSTEMS MATERIAL MEDIA MEMBER STATE MEMBER STATES MINISTER MINISTERS MISAPPROPRIATION MONEY LAUNDERING NATIONAL LAW NATURAL PERSONS NATURAL RESOURCES NEGOTIABLE INSTRUMENTS NEW PRODUCT OFFENSES OFFICE HOLDER OFFICE HOLDERS PASSIVE BRIBERY PEER REVIEW PENALTY PERSONAL GAIN PERSONS PHOTOS POLITICAL PARTIES POLITICAL PARTY POLITICIANS PRIVATE BANKING PRIVATE INVESTMENT PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROSECUTION PROSECUTIONS PROSECUTOR PROSECUTORS PUBLIC AGENCIES PUBLIC ASSETS PUBLIC ENTERPRISES PUBLIC INFORMATION PUBLIC OFFICIAL PUBLIC OFFICIALS QUERIES REAL ESTATE REGULATOR REGULATORS REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY REQUIREMENTS REPUTATION REPUTATIONS RESULT RESULTS RISK MANAGEMENT RULE OF LAW SANCTIONS SCANDALS SERVICE DELIVERY SERVICE PROVIDERS SMALL BANKS SOCIAL SERVICE STAKEHOLDERS STATE ASSETS SUBSIDIARY TECHNICAL EXPERTISE TELEPHONE TERRORISM THEFT TIME PERIOD TRANSACTION TRANSITION COUNTRIES TRANSPARENCY UNION VERIFICATION Greenberg, Theodore S. Gray, Larissa Schantz, Delphine Gardner, Carolin Latham, Michael Politically Exposed Persons : Preventive Measures for the Banking Sector |
| description |
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. |
| format |
Publications & Research :: Publication |
| author |
Greenberg, Theodore S. Gray, Larissa Schantz, Delphine Gardner, Carolin Latham, Michael |
| author_facet |
Greenberg, Theodore S. Gray, Larissa Schantz, Delphine Gardner, Carolin Latham, Michael |
| author_sort |
Greenberg, Theodore S. |
| title |
Politically Exposed Persons :
Preventive Measures for the Banking Sector |
| title_short |
Politically Exposed Persons :
Preventive Measures for the Banking Sector |
| title_full |
Politically Exposed Persons :
Preventive Measures for the Banking Sector |
| title_fullStr |
Politically Exposed Persons :
Preventive Measures for the Banking Sector |
| title_full_unstemmed |
Politically Exposed Persons :
Preventive Measures for the Banking Sector |
| title_sort |
politically exposed persons :
preventive measures for the banking sector |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100427011931 http://hdl.handle.net/10986/2441 |
| _version_ |
1764385469162848256 |
| spelling |
okr-10986-24412021-06-08T12:09:00Z Politically Exposed Persons : Preventive Measures for the Banking Sector Greenberg, Theodore S. Gray, Larissa Schantz, Delphine Gardner, Carolin Latham, Michael ABUSE ABUSES ACCOUNTABILITY ACTION PLAN ACTIVE BRIBERY ANTI-CORRUPTION ANTICORRUPTION ASSETS AUDIT TRAIL BANK ACCOUNTS BANK FOR INTERNATIONAL SETTLEMENTS BANK GOVERNORS BANKING SECTOR BANKING SERVICES BANKING SUPERVISION BANKS BENEFICIAL OWNER BENEFICIAL OWNERS BRIBERY BRIBERY OF FOREIGN PUBLIC OFFICIALS BRIBES BUSINESS ACTIVITIES BUSINESS MODEL BUSINESS PROCESSES BUSINESS RELATIONSHIP BUSINESS RELATIONSHIPS BUSINESSES CAPITAL FLIGHT CENTRAL BANK CENTRAL BANKS CLIENT BASE COMPANY COMPANY FORMATION COMPLAINTS CONFIDENCE COPYRIGHT COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CORPORATE ENTITIES CORPORATIONS CORRUPT CORRUPT ACTS CORRUPT OFFICIALS CORRUPT REGIME CORRUPTION CORRUPTION INVESTIGATIONS COUNTRY OF ORIGIN CRIME CRIMINAL CRIMINAL LIABILITY CRIMINALS CURRENCY CUSTOMER BASE CUSTOMER PROFILE CUSTOMER PROFILING CUSTOMER REQUESTS DATA PROTECTION DEPOSIT DEVELOPING COUNTRIES DUE DILIGENCE E-MAIL EMBEZZLEMENT EMPLOYMENT EXPOSURE FINANCIAL ADVISERS FINANCIAL CRIME FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTELLIGENCE FINANCIAL INTELLIGENCE UNIT FINANCIAL INTELLIGENCE UNITS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FRAUD GOVERNANCE RESPONSIBILITIES GOVERNMENT REVENUES GRAND CORRUPTION GROSS DOMESTIC PRODUCT HARMONIZATION INCOME INDIVIDUALS INDUSTRY STANDARDS INITIATIVE INTEGRITY INTERNATIONAL BANKING INTERNATIONAL BANKS INTERNATIONAL COOPERATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTIGATIONS INVESTMENT CLIMATE JUDICIARY JURISDICTION JURISDICTIONS JUSTICE LAW ENFORCEMENT LAWS LAWYERS LEGAL ENTITIES LEGAL PERSON LEGAL PERSONS LEGAL PROFESSIONALS LEGAL PROVISIONS LEGAL RISKS LEGISLATION LICENSES LIMITED LIMITED ACCESS MACROECONOMIC STABILITY MANAGEMENT SYSTEMS MATERIAL MEDIA MEMBER STATE MEMBER STATES MINISTER MINISTERS MISAPPROPRIATION MONEY LAUNDERING NATIONAL LAW NATURAL PERSONS NATURAL RESOURCES NEGOTIABLE INSTRUMENTS NEW PRODUCT OFFENSES OFFICE HOLDER OFFICE HOLDERS PASSIVE BRIBERY PEER REVIEW PENALTY PERSONAL GAIN PERSONS PHOTOS POLITICAL PARTIES POLITICAL PARTY POLITICIANS PRIVATE BANKING PRIVATE INVESTMENT PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROSECUTION PROSECUTIONS PROSECUTOR PROSECUTORS PUBLIC AGENCIES PUBLIC ASSETS PUBLIC ENTERPRISES PUBLIC INFORMATION PUBLIC OFFICIAL PUBLIC OFFICIALS QUERIES REAL ESTATE REGULATOR REGULATORS REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY REQUIREMENTS REPUTATION REPUTATIONS RESULT RESULTS RISK MANAGEMENT RULE OF LAW SANCTIONS SCANDALS SERVICE DELIVERY SERVICE PROVIDERS SMALL BANKS SOCIAL SERVICE STAKEHOLDERS STATE ASSETS SUBSIDIARY TECHNICAL EXPERTISE TELEPHONE TERRORISM THEFT TIME PERIOD TRANSACTION TRANSITION COUNTRIES TRANSPARENCY UNION VERIFICATION 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. 2012-03-19T09:33:41Z 2012-03-19T09:33:41Z 2010 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100427011931 978-0-8213-8249-3 http://hdl.handle.net/10986/2441 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication |