1-20 of 389 results for subject:"Politically exposed persons"
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To ask the Chancellor of the Exchequer, what guidance has (a) HM Treasury and (b) the FCA given to financial institutions on removing an individual from being treated as a Political Exposed Person from their records once they cease to meet the definition of a PEP under FCA guidance.
To ask the Chancellor of the Exchequer, what guidance has (a) HM Treasury and (b) the FCA given to financial institutions on removing an individual from being treated as a Political Exposed Person from their records once they cease to meet the definition of a PEP under FCA guidance.
The FCA publishes guidance on the requirements of the Money Laundering Regulations (MLRs) with regard to politically exposed persons (PEPs). The guidance is clear that financial institutions must treat PEPs as a PEP for at least 12 months after they leave office, and should apply enhanced due diligence (EDD) measures beyond that only in higher risk circumstances. The guidance is also clear that family members of PEPs should cease to be subject to EDD measures as soon as the person is no longer a PEP, absent any other higher risk factors.
To ask the Chancellor of the Exchequer, what guidance the Financial Conduct Authority provided on cryptocurrency payments to domestic Politically Exposed Persons.
To ask the Chancellor of the Exchequer, what guidance the Financial Conduct Authority provided on cryptocurrency payments to domestic Politically Exposed Persons.
The Financial Conduct Authority publishes guidance on the requirements of the Money Laundering Regulations (MLRs) with regard to politically exposed persons (PEPs). The MLRs require financial institutions, including FCA registered cryptoasset exchange providers and custodian wallet providers, to apply enhanced customer due diligence measures and enhanced ongoing monitoring to all customers who are PEPs. This includes taking adequate measures to establish the source of wealth and source of funds which are involved in the proposed business relationship or transactions with that person.
To ask the Chancellor of the Exchequer, whether the Chief Executive of HMRC is informed of the outcome of investigations into the tax affairs of politically exposed persons.
To ask the Chancellor of the Exchequer, whether the Chief Executive of HMRC is informed of the outcome of investigations into the tax affairs of politically exposed persons.
The Chief Executive of HMRC will be informed of investigation outcomes when it is appropriate to do so, for example, if there are areas of particular complexity.
HMRC also publishes their Code of Governance for Resolving Tax Disputes. This covers the role of HMRC Commissioners, which includes the Chief Executive of HMRC. This can be found here - Code of Governance for Resolving Tax Disputes - GOV.UK.
To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 12 February (HL14156), what assessment framework is used to assess the effectiveness of due diligence checks on politically exposed persons undertaken by financial institutions in the United Kingdom.
To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 12 February (HL14156), what assessment framework is used to assess the effectiveness of due diligence checks on politically exposed persons undertaken by financial institutions in the United Kingdom.
The FCA is responsible for overseeing compliance by financial institutions with due diligence checks on politically exposed persons. The overall effectiveness of the UK’s anti-money laundering regime is assessed on a regular basis by the Financial Action Task Force (FATF), the global body for standard setting on anti-money laundering and counter terrorist financing (AML/CFT). The methodology used by the FATF for assessments, including of the effectiveness of due diligence checks undertaken by financial institutions, is available online. [1] The next FATF assessment of the UK will take place by 2028.
[1] https://www.fatf-gafi.org/content/dam/fatf-gafi/methodology/FATF-Assessment-Methodology-2022.pdf
To ask His Majesty's Government what assessment they have made of the effectiveness of due diligence checks on politically exposed persons undertaken by financial institutions in the United Kingdom.
To ask His Majesty's Government what assessment they have made of the effectiveness of due diligence checks on politically exposed persons undertaken by financial institutions in the United Kingdom.
The Government is clear that the enhanced due diligence requirements contained in the Money Laundering Regulations in relation to politically exposed persons provide valuable, actionable intelligence on those who would seek to abuse their positions, including hostile states and organised criminals. This helps to protect the UK from money laundering and corruption.
To ask the Chancellor of the Exchequer, how Politically Exposed Persons and their families can complain about unreasonable withdrawal of services by companies which are not financial services institutions and not regulated by the Financial Services Ombudsman.
To ask the Chancellor of the Exchequer, how Politically Exposed Persons and their families can complain about unreasonable withdrawal of services by companies which are not financial services institutions and not regulated by the Financial Services Ombudsman.
A wide range of business activities, not limited to financial services, are regulated under the Money Laundering Regulations. Relevant businesses must identify and carry out enhanced due diligence on Politically Exposed Persons and their close relatives or business associates. Guidance for different sectors makes clear that these checks should be proportionate to the risks posed on a case-by-case basis.
Individual businesses will be subject to various regulatory and accountability arrangements depending on the nature of the services they provide. Consumers are normally encouraged to direct any complaints first to a business’s own complaints department before escalating if necessary to the relevant ombudsman or equivalent organisation which is empowered to consider complaints.
To ask the Chancellor of the Exchequer, what guidance (a) her Department and (b) the Financial Conduct Authority has given to financial institutions on the anti-money laundering checks on (i) UK domestic Politically Exposed Persons and (ii) their spouses or partners when purchasing a house to determine the true source...
To ask the Chancellor of the Exchequer, what guidance (a) her Department and (b) the Financial Conduct Authority has given to financial institutions on the anti-money laundering checks on (i) UK domestic Politically Exposed Persons and (ii) their spouses or partners when purchasing a house to determine the true source...
Guidance for financial institutions on the treatment of Politically Exposed Persons (PEPs) is published by the Financial Conduct Authority (FCA) and can be found here:
FG25/3: Treatment of politically exposed persons | FCA
The guidance was updated in July 2025, including to clarify that unless other enhanced risk factors are present, UK PEPs and their relatives must be subject to a lower level of enhanced due diligence than overseas PEPs.
To ask His Majesty's Government what progress they have made in implementing the Money Laundering and Terrorist Financing (Amendment) Regulations 2023, and in updating the Financial Conduct Authority guidance with regard to politically exposed people.
To ask His Majesty's Government what progress they have made in implementing the Money Laundering and Terrorist Financing (Amendment) Regulations 2023, and in updating the Financial Conduct Authority guidance with regard to politically exposed people.
The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 came into force on 10 January 2024. All businesses within scope of the Money Laundering Regulations are now required to ensure that their starting point for assessing the risk posed by domestic politically exposed persons (PEPs), and the extent of the enhanced customer due diligence measures to be applied in relation to that customer, is that they present a lower level of risk than a non-domestic PEP.
The Government has been working closely with the FCA to follow up on the findings of its review into the treatment of Politically Exposed Persons (PEPs) by financial institutions and to ensure firms improve their practices where necessary. Following a consultation, the FCA published updated guidance on PEPs on 7 July 2025. It is available here: https://www.fca.org.uk/publications/finalised-guidance/fg25-3-treatment-politically-exposed-persons
Motion to consider. Agreed to on question.
Motion to consider. Agreed to on question.
To ask the Chancellor of the Exchequer, pursuant to the Answer of 29 April 2025 to Question 45654 on Bank Services: Vetting, what her planned timetable is for issuing revised guidance on Political Exposed Persons.
To ask the Chancellor of the Exchequer, pursuant to the Answer of 29 April 2025 to Question 45654 on Bank Services: Vetting, what her planned timetable is for issuing revised guidance on Political Exposed Persons.
The Government has been working closely with the FCA to follow up on the findings of its review into the treatment of Politically Exposed Persons (PEPs) by financial institutions and to ensure firms improve their practices where necessary. The FCA expects that the revised guidance will be published and brought into effect this summer.
To ask the Chancellor of the Exchequer, what steps she is taking to help prevent the debanking of people and organisations by financial institutions due to (a) their lawful political views and (b) domestic Politically Exposed Persons status or affiliation.
To ask the Chancellor of the Exchequer, what steps she is taking to help prevent the debanking of people and organisations by financial institutions due to (a) their lawful political views and (b) domestic Politically Exposed Persons status or affiliation.
Banking services fulfil a vital role in the lives of millions of people and businesses across the UK, and the government is committed to ensuring high standards of consumer protection and financial inclusion across the financial services sector.
Banks are already prohibited from discriminating against UK consumers based on their lawful political opinions when accessing a payment account. The government has on 28 April published new legislation that strengthens customer protection standards in cases where their account is terminated by their provider. These new rules will require banks to give customers 90 days’ notice before closing accounts and provide a clear explanation. These changes will prevent banks closing accounts without a clear reason, while giving people and businesses the time and information needed to challenge decisions. Further details can be found here: https://www.gov.uk/government/news/millions-of-people-and-businesses-protected-against-debanking
FCA guidance is clear that financial institutions should not be applying a blanket approach to the treatment of Politically Exposed Persons (PEPs). The government has been working closely with the FCA to follow up on the findings of its review into the treatment of PEPs by financial institutions, and to ensure firms improve their practices where necessary, including to treat domestic PEPs and their relatives and close associates proportionately in line with the level of risk.
To ask the Chancellor of the Exchequer, when the Financial Conduct Authority will publish revised guidance on politically exposed persons under the Money Laundering and Terrorist Financing (Amendment) Regulations 2023.
To ask the Chancellor of the Exchequer, when the Financial Conduct Authority will publish revised guidance on politically exposed persons under the Money Laundering and Terrorist Financing (Amendment) Regulations 2023.
The Government has been working closely with the FCA to follow up on the findings of its review into the treatment of Politically Exposed Persons by financial institutions, and to ensure firms improve their practices where necessary. The FCA expects that the revised guidance will be published and brought into effect in the first half of 2025.
To ask the Chancellor of the Exchequer, what information her Department holds on when the Financial Conduct Authority plans to respond to its consultation entitled Proposed amendments to Guidance on the treatment of politically exposed persons, published on 18 July 2024.
To ask the Chancellor of the Exchequer, what information her Department holds on when the Financial Conduct Authority plans to respond to its consultation entitled Proposed amendments to Guidance on the treatment of politically exposed persons, published on 18 July 2024.
The Government has been working closely with the FCA to follow up on the findings of its review into the treatment of Politically Exposed Persons (PEPs) by financial institutions and to ensure firms improve their practices where necessary. The FCA expects that the revised guidance will be published and brought into effect in the first half of 2025.
To ask the Chancellor of the Exchequer, how many non-domestic politically exposed persons have been prosecuted since the amendment to the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 became operational in January 2024.
To ask the Chancellor of the Exchequer, how many non-domestic politically exposed persons have been prosecuted since the amendment to the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 became operational in January 2024.
The Ministry of Justice holds prosecution statistics; however, these statistics are not separated by the status of individuals as politically exposed persons (PEPs).
The enforcement of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, as amended, is carried out by various supervisory authorities such as the FCA. This includes actions in relation to regulatory failings involving non-domestic PEPs where applicable.
The FCA is in the process of updating its guidance on PEPs to reflect the changes made by The Money Laundering and Terrorist Financing (Amendment) Regulations 2023. The FCA’s revised guidance will be published in due course.
To ask His Majesty's Government what progress has been made in implementing the Money Laundering and Terrorist Financing (Amendment) Regulations 2023 and FCA guidance with regard to politically exposed persons.
To ask His Majesty's Government what progress has been made in implementing the Money Laundering and Terrorist Financing (Amendment) Regulations 2023 and FCA guidance with regard to politically exposed persons.
The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 came into force on 10 January 2024. All businesses within scope of the Money Laundering Regulations are now required to ensure that their starting point for assessing the risk posed by domestic politically exposed persons (PEPs), and the extent of the enhanced customer due diligence measures to be applied in relation to that customer, is that they present a lower level of risk than a non-domestic PEP.
The Government has been working closely with the FCA to follow up on the findings of its review into the treatment of Politically Exposed Persons (PEPs by financial institutions) and to ensure firms improve their practices where necessary. The FCA is in the process of updating its guidance on PEPs to reflect the findings of its review and the changes made by The Money Laundering and Terrorist Financing (Amendment) Regulations 2023. The FCA’s revised guidance will be published in due course.
To ask His Majesty's Government when they expect new guidance on the treatment of politically exposed persons to be implemented.
To ask His Majesty's Government when they expect new guidance on the treatment of politically exposed persons to be implemented.
The Financial Conduct Authority is currently consulting on changes to its guidance on the treatment of politically exposed persons (PEPs) for anti-money laundering purposes, following a review of the treatment of domestic PEPs by financial institutions. The consultation closes on 18 October 2024. The FCA expects that the revised guidance will be published and brought into effect in the first half of 2025.
Letter dated 29/01/2024 from Baroness Vere of Norbiton to Baroness Foster, Baroness Kramer, and Lord Grantchester regarding clarification to remarks made during the Oral Question on NatWest Account Terminations and Branch Closures: the Financial Conduct Authority’s (FCA) powers on access to cash, the treatment of Politically Exposed Persons (PEPs), . 3p.
Letter dated 29/01/2024 from Baroness Vere of Norbiton to Baroness Foster, Baroness Kramer, and Lord Grantchester regarding clarification to remarks made during the Oral Question on NatWest Account Terminations and Branch Closures: the Financial Conduct Authority’s (FCA) powers on access to cash, the treatment of Politically Exposed Persons (PEPs), ....
To ask His Majesty's Government, further to the letter from Baroness Penn to Lord Hodgson of Astley Abbotts on 22 August 2023, when they expect to publish the interim report on the review of treatment of Politically Exposed Persons by financial institutions.
To ask His Majesty's Government, further to the letter from Baroness Penn to Lord Hodgson of Astley Abbotts on 22 August 2023, when they expect to publish the interim report on the review of treatment of Politically Exposed Persons by financial institutions.
The Financial Services and Markets Act 2023 committed the Financial Conduct Authority to conduct, and publish the conclusions of, a review into how financial institutions are following its guidance on politically exposed persons (PEPs) by the end of June 2024. As set out in the Written Statement on the treatment of PEPs published on 14 December 2023, given the strength of concern on this issue, the Government expects that the FCA will prioritise this review over the coming months.
Today the Government has laid The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (SI 2023/1371) a Statutory Instrument to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) in relation to the treatment of Politically Exposed Persons (PEPs) who are...
Today the Government has laid The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (SI 2023/1371) a Statutory Instrument to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) in relation to the treatment of Politically Exposed Persons (PEPs) who are...
My Noble Friend the Treasury Lords Minister (Baroness Vere of Norbiton) has today made the following Writen Ministerial Statement.
Today the Government has laid The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (SI 2023/1371) a Statutory Instrument to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on...
My Noble Friend the Treasury Lords Minister (Baroness Vere of Norbiton) has today made the following Writen Ministerial Statement.
Today the Government has laid The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (SI 2023/1371) a Statutory Instrument to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on...