- July 2, 2024
- Posted by: FCS Compliance
- Category: Blog, Property Market
2024 – The Year of Elections
Written by Stephen Williamson, Senior AML Consultant, FCS Compliance
2024 has been dubbed “the biggest election year in history” by some political commentators with 90 elections and referenda to be contested across at least 64 countries as well as in the European Union. Among these of course has been the recent UK election which will usher in a host of new Politically Exposed Persons (PEPs).
With so many changes across the political landscape, it is a good time to remember that customer due diligence is an ongoing process, so undertaking regular checks on your client population is vital in meeting your regulatory compliance obligations.
In practice this means risk assessing your landlord population, any purchasers or vendors where you first undertook your Customer Due Diligence (CDD) several months ago – While they may not have been a PEP then, do you know if they are now?
Given the prevalence of online verification systems today there should be no excuse for not keeping up to date records in this area.
If you would like to discuss the procurement, embedment or tuning of online verification systems our AML consultants have a wealth of experience that will help you make the right choice for your business and ensure you get the most from your chosen provider.
Article written: July 2024
