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Politically Exposed Person
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If you have any heads of state in the family, you could be scuppered from buying a house. Ridiculous.1
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These are the questions I was asked:coffeehound said:I’ll ask, then: What constitutes a Politically Exposed Person?
My paperwork just said they'd carry out extra anti money laundering checks if I answered "yes". It wouldn't stop me from buying the house as long as I could provide sufficient info.deannagone said:If you have any heads of state in the family, you could be scuppered from buying a house. Ridiculous.3 -
If your auntie is Angela Merkel, there's going to be far less of an issue than if your great-uncle who just happens to be a developing-world dictator has "lent" you the money for that nice little Knightsbridge pied-a-terre...deannagone said:If you have any heads of state in the family, you could be scuppered from buying a house. Ridiculous.
...or husband is head of the state bank, eh, Mrs Zamira Hajiyeva?2 -
I answered “yes” to mine because I do work for a very large government department and my job involves moving money around. I’d rather tick yes and have extra checks than no and be in trouble. I have heard nothing since putting the form in back in May.4
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It's to do with risk around bribery, money laundering etc.
If the solicitor (or whoever is doing the AML checks) uses a checking service then it sometimes comes up if you have the same/ similar name to someone who is politically exposed, nd then you may be asked for additional information so they can show they have taken steps to satisfy themselves that it is a false positive, or that even though you are a PEP there is no increased money laundering risk
Equally, some organisations may chose to do extra checks for everyone, or if the transaction has other factors which would suggest a higher risk of money laundering (bearing in mind that there are plenty of things which can be warring signs of money laundering but which can also have entirely legitimate explanations)All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)1
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