Britain's financial watchdog said on Tuesday it has launched a formal review into how banks conduct mandatory extra checks on 'politically exposed' customers and their families for money laundering risks.
Signage is seen outside a branch of Coutts Bank in London, Britain, July 26, 2023. REUTERS/Susannah Ireland
The Financial Conduct Authority said that, while it cannot change the law which requires PEP checks, its review would consider whether banks were being heavy-handed in applying the rules and how they decided to close accounts of PEPs, their family members or close associates.The watchdog said it would take prompt action if any significant deficiencies were identified in the arrangements of any firm assessed.
Britain's financial services minister Andrew Griffith has already asked the FCA to consider creating a less burdensome domestic PEP regime to reflect the lower category of risk from those that have no international role.
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