MIPA has prepared a working paper on “Identification of Senior Politically Exposed Persons (PEPs)”. The paper is aimed at helping you/your Firm in identifying PEPs, their close associates, and immediate family members so that you are able to apply the appropriate level of due diligence.
Political Exposed Persons (PEPs) are defined as high-risk customers who have greater opportunities than ordinary citizens to acquire assets through illegal means such as taking bribes and money laundering. PEPs have to be identified and screened in the Accountancy Sector because of the risks they have. The process of identifying PEPs and determining their risks is generally referred to as PEP List Screening and is a very important screening for the best implementation of AML compliance programs. Therefore, according to the local legislations, businesses have to detect PEPs and control their transactions. Businesses that do not detect PEPs and do not control their transactions are penalised for failing to comply with local laws and regulations.
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Disclaimer: Although reasonable care is taken to ensure that the document is up to date with relevant legislation, it is only provided for ease of reference. The MIPA may not guarantee its completeness and accuracy, and shall not be liable for any consequences of actions/decisions taken based on the above information.
Mauritius Institute of Professional Accountants
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