Section 29: Politically exposed persons

(1) An accountable person shall implement appropriate risk management systems to determine whether a person or customer is a politically exposed person. (2) An accountable person shall take the following measures where a person or customer is a politically exposed person- (a) obtain written approval from senior management to transact or establish or continue a business relationship with that person; [paragraph (a) amended by section 2(a)(i) of Statutory Instrument 15 of 2022] (b) take adequate measures to establish the source of wealth and the source of funds involved in the proposed business relationship or transaction including for all domestic politically exposed persons; [paragraph (b) amended by section 2(a)(ii) of Statutory Instrument 15 of 2022] (c) [paragraph (c) repealed by section 2(a)(iii) of Statutory Instrument 15 of 2022] (d) determine the purpose of the transaction or account and the expected volume and nature of account activity; (e) review public sources of information on the politically exposed person; and (f) conduct enhanced ongoing monitoring of the business relationship, once the account has been established. (3) Subregulations (1) and (2) apply to a family member or close associate of a politically exposed person. [subregulation (3) added by section 2(b) of Statutory Instrument 15 of 2022] Foreign branches and subsidiaries of accountable person