What is an OFAC pep?
The term PEP is commonly used in the financial industry to refer to foreign individuals who are or have been entrusted with a prominent public function, as well as to their immediate family members and close associates.
What countries are sanctioned by the US?
The Bureau of Industry and Security (BIS) implements U.S. Government certain sanctions against Cuba, Iran, North Korea, and Syria pursuant to the Export Administration Regulations (EAR), either unilaterally or to implement United Nations Security Council Resolutions.
How do you identify a PEP?
Identifying a PEP
- heads of state, heads of government, ministers, and deputy or assistant ministers.
- members of Parliament.
- members of courts of auditors or of the boards of central banks.
- ambassadors, chargés d’affaires and high-ranking officers in the armed forces.
What is OFAC sanction list?
OFAC Sanctions Lists OFAC publishes lists of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.
What does it mean if you are on the OFAC list?
What are global PEP and sanction lists?
Global PEP and Sanction Lists 1 Politically Exposed Persons (PEPs) A politically exposed person (PEP) is an individual with a prominent public function posing high-risk in terms of vulnerability to corruption. 2 Types of PEPs. 3 PEP Lists. 4 Sanction Lists. 5 The Purpose of Sanction Lists.
What is OFAC sanctioned countries?
OFAC Sanctioned Countries The Office of Foreign Assets Control (OFAC) is part of the United States Treasury Department. OFAC manages the United States government’s sanctions and embargo programs, as well as the Specially Designated Nationals (SDNs) and Blocked Persons lists.
What is a PEP list?
Government ministers, high-ranking military officials, world leaders, or senior executives are some of the examples of PEP lists. PEP lists have a critical role in carrying out effective anti-money laundering (AML) checks. There are two types of PEP lists:
Who is a Politically Exposed Person (PEP)?
Financial institutions are entitled with operating PEP checks regularly and anti-money laundering (AML) regulations include PEP sanctions as well. Politically exposed persons (PEPs) have sub-classes within themselves depending on the risks they are posing such as domestic or international organization PEPs and foreign PEPs.