Risk-Based Approach â Guidance for Money Service Businesses
Risk-Based Approach â Guidance for Money Service Businesses
Risk-Based Approach â Guidance for Money Service Businesses
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<strong>Risk</strong>-<strong>Based</strong> <strong>Approach</strong> – <strong>Guidance</strong> <strong>for</strong> <strong>Money</strong> <strong>Service</strong> <strong>Businesses</strong> - July 2009Politically Exposed Persons (PEPS)Individuals who are or have been entrusted with prominent public functions in a <strong>for</strong>eign country, <strong>for</strong>example Heads of State or of government, senior politicians, senior government, judicial or militaryofficials, senior executives of state owned corporations, important political party officials. Businessrelationships with family members or close associates of PEPs involve reputational risks similar to thosewith PEPs themselves. The definition is not intended to cover middle ranking or more junior individuals inthe <strong>for</strong>egoing categories.Supervisors/RegulatorsThe designated competent authorities who have responsibility <strong>for</strong> ensuring compliance by financialinstitutions with requirements to combat money laundering and terrorist financing.Unique identifierFor the purposes of Special Recommendation VII, a unique identifier refers to any unique combination ofletters, numbers or symbols that refers to a specific originator.Wire transferFor the purpose of Special Recommendation VII, the terms wire transfer refers to any transaction carriedout on behalf of an originator person (both natural and legal) through a financial institution by electronicmeans with a view to making an amount of money available to a beneficiary person at another financialinstitution. The originator and the beneficiary may be the same person.52 - © 2009 FATF/OECD
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