Financial Institutions in Belgium Must Screen Politically Exposed Persons

In an effort to combat money laundering and other financial crimes, Belgian financial institutions must implement stricter measures when dealing with individuals who hold or have held significant public positions. These “politically exposed persons” (PEPs) include heads of state, top military leaders, and managers of state-owned businesses, as well as their immediate family members.

What is a Politically Exposed Person?

A PEP can include:

• Heads of state, government ministers, and members of parliament
• Top military leaders and law enforcement officials
• Managers of state-owned businesses and public institutions
• Close relatives and immediate family members, including spouses, children, parents, siblings, and business partners

Consequences of Failing to Screen PEPs

Financial institutions that fail to implement adequate measures to screen PEPs risk facing significant consequences, including fines and reputational damage.

How Can Your Institution Comply?

Pideeco can help your institution comply with the requirements for screening PEPs. Our services include:

• Analyzing current PEP-detection systems and creating a gap analysis
• Drafting or improving policies and procedures concerning PEPs
• Executing a lookback to identify any PEPs that were not screened by existing systems
• Researching negative news and sanction lists to spot high-risk PEPs
• Screening PEPs on behalf of your institution
• Carrying out enhanced due diligence procedures towards PEPs
• Creating comprehensive analysis templates with the material impact of the PEP on transactions or services

Let us help you navigate the complex requirements for screening PEPs. Contact us today to learn more about our services and how we can support your institution’s compliance efforts.