Banks: Internet Transfers of Cash - Question

Part of the debate – in the House of Lords at 12:07 pm on 9 July 2020.

Alert me about debates like this

Photo of Baroness Penn Baroness Penn Baroness in Waiting (HM Household) (Whip) 12:07, 9 July 2020

My Lords, I am aware of “politically exposed persons”. Under the money laundering regulations 2017, firms must assess the risks posed by those customers on a case-by-case basis and tailor their enhanced due diligence measures accordingly. The FCA has published guidance explaining what these obligations look like in practice. Furthermore, the guidance is that UK politically exposed persons should be treated as low risk, unless other factors apply.