Peru's Superintendency of Banking, Insurance and Pension Fund Administrators (SBS) issued amendments to its anti-money laundering and counter-terrorist financing framework on politically exposed persons (PEPs), updating and clarifying the list of PEP functions and positions that obliged entities reporting to the Financial Intelligence Unit (UIF) must use for customer due diligence. The changes update and refine the annexed list of functions and positions. They also require obliged entities, based on their money laundering and terrorist financing (ML/TF) risk assessment, to develop and implement procedures to identify clients not covered by the list who nonetheless meet the PEP definition and must be subject to enhanced due diligence. The PEP roles and functions list is set as exhaustive rather than indicative, while still allowing obliged entities to treat other individuals as PEPs if they fit the definition set out in the rule.
Superintendencia de Banca, Seguros y AFP del Peru 2025-01-22
Peru's Superintendency of Banking, Insurance and Pension Fund Administrators amends AML and CFT rules to update and make exhaustive the politically exposed persons roles list
Peru's Superintendency of Banking, Insurance and Pension Fund Administrators (SBS) has amended its anti-money laundering and counter-terrorist financing framework concerning politically exposed persons (PEPs). The updates clarify the list of PEP functions and positions for customer due diligence and require entities to identify clients meeting the PEP definition for enhanced due diligence, even if not on the list. Entities may treat others as PEPs if they fit the defined criteria.