Banks also needs to subject such accounts to enhanced monitoring on an on-going basis. The above norms ought to also be utilized to the accounts of the relations or close family of PEPs. 1) In the occasion of an current customer or the useful owner of an present account subsequently becoming a PEP, banks should receive senior management’s approval to continue the enterprise relationship and subject the account to the CDD measures as relevant to PEPs including enhanced monitoring on an ongoing basis. These directions are additionally relevant to accounts where a PEP is the last word beneficial owner. Additional, banks should have applicable ongoing threat management systems for identifying and making use of enhanced CDD to PEPs, clients who are close relatives of PEPs, and accounts of which a PEP is the final word useful owner. With the introduction of cellphone and electronic banking, more and more accounts are being opened by banks for customers with out the need for the client to visit the bank department. In the case of non-face-to-face customers, aside from making use of the standard buyer identification procedures, there have to be specific and ample procedures to mitigate the higher risk involved.
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