The U.K.’s Financial Conduct Authority (FCA) asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
On Thursday, the FCA released a review of findings on how effectively firms are following its guidance on the treatment of politically exposed persons (PEPs) for anti-money laundering (AML) purposes. The FCA’s definition of PEPs are lawmakers, close family members, and close associates whose position puts them at higher risk of using financial tools to facilitate money laundering.
