Politically Exposed Person form?

LadyDee

I am selling my property (a Park Home) which is a very straight forward process so I have no need for a Solicitor, although my buyer is using a Solicitor, mainly I think because she is selling a standard property.

Along with the various forms I have to sign my buyer's solicitor has sent me a Politically Exposed Person form to sign. This has a notation "UK regulations require us to review more closely retainers with clients who (a) are known as Politically Exposed Persons (PEPs) and (b) are family members or close associates of PEPs."

I would fit the "I'm not a "PEP" tick box.

I've never heard of this form before but surely it's for the client of the Solicitor to sign? There is no explanation of which UK regulations require such a form to be signed.

I don't know why this Solicitor is asking me - a non-client to sign this.

da_rule

Ask them? But you’ll probably find it’s because they will be sending you a fairly large sum of money directly rather than via another solicitor so want to ensure that there are no money laundering risks that are associated with PEPs.

jonnygee2

It sounds like they are using an AML system which has returned a PEP match.

Basically what this means is your name and possibly age matches someome famous, someone related to a politician, someone who is a known terrorist etc (the list is extensive). They need you to fill in the form to basically eliminate the potential match.

So nothing to worry about. It happens more to people with common names.

G_M

Since you are representing yourself you do not have a solicitor who can undertake due diligence.


The buyer's solicitor is therefore concerned about the lack of money laundering checks and other checks including PEP.


If you do not fall into the catagory of a PEP, tick the box and send the form back.


https://www.lawsociety.org.uk/support-services/advice/articles/peps/

steampowered

I'd imagine the solicitor needs to do basic due diligence to confirm that the money is not being paid to a person to whom there is a risk of terrorism and so on.

If you had appointed your own solicitor, that solicitor would do AML checks on you.

Your buyer can't a sign a form to show whether you are a PEP or not.

LadyDee

How very mysterious that I should possibly be associated with a potential PEP. I'd love to know who it is!

G_M

You remember your last birthday? Well, actually, no, you don't and that's the problem.... You went out with the other minor royalties (Lady Bee and Lady Cee etc?) and got a bit more plastered than you'd planned.


Anyway, some paparazzi snapped you snogging the Finance Minister of one of the smaller central american states (or was it the Far East? Or Africa?) Anyway, that link has left you on the potential PEP blacklist for all eternity.


But don't worry - provided you tick the relevant 'no' box on the form, the matter will be ignored.

BrownTrout

Donald Trump?

LadyDee

BrownTrout wrote: »

Donald Trump?

I prefer G_M's explanation!