A Politically Exposed Person (PEP) is someone who holds or has held prominent public office, or who is closely associated with such individuals. PEPs pose a higher risk of money laundering due to their potential exposure to corruption or bribery.
Interior designers must identify PEPs during client due diligence and conduct Enhanced Due Diligence (EDD) to mitigate the elevated risks involved. Understanding and managing these risks are critical to AML compliance.
Private escrow accounts provide security, trust and transparency to ongoing or ad-hoc payment requirements.
Third-Party Managed Accounts (TPMA's) are a convenient way to manage complex, high-value or even routine payment operations.
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