What is the appropriate compliance control for identifying politically exposed persons (PEPs) according to the Basel Committee’s paper on Customer Due Diligence for Banks?
A . Determining that a local figure is a PEP
B . Reviewing when a relationship is established
C . Reviewing relationships at account opening and on a periodic basis
D . Requiring that the customer discloses that they are a PEP or an associate of a PEP
Answer: C
Explanation:
Reference: http://www.menafatf.org/sites/default/files/Newsletter/PEPs_in_relat_on_to_AMLCFT.pdf