The term "politically exposed person" generally includes a current or former senior foreign political figure, their immediate family and their close associates. Interagency guidance issued in January 2001 offers banks resources that can help them to determine whether an individual is a PEP. More specifically:...

Driven by calls from regulators and the need to find more cost effective ways to comply with regulatory reporting requirements, financial institutions are adopting a risk-based approach to anti-money laundering (AML) and terrorist financing (TF) investigations. A risk-based approach requires a change in mindset and...