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Managing risk associated with politically exposed persons (PEPs) is increasingly becoming an area of focus among financial institutions (FIs) around the world. This increase is due not only to changing regulatory requirements, but also to headlines that have cast many organizations in an unfavorable light for banking some PEPs.
PEPs can create increased risks and costs if not managed well. However, an effective risk-based approach tailored to one’s organization’s global risk policies and requirements can greatly alleviate the risks and difficulties of PEP management.
Read the full article to learn how to adopt a 3-dimensional, risk-based approach that will help you manage PEP risk more efficiently and identify only those PEPs that are important to your organization.