How to detect misuse of the financial system by PEPs? and PEP behaviour red flags.

How may PEPs attempt to disguise their true Identity?
PEPs Know that their distinction as a Politically exposed Person (PEP) may make easy the unmasking of their illicit behaviour. This means that PEPs may knowingly try to disguise their identity, to prevent any exposure. Here are few examples:
Using corporate vehicles (legal entities) to hide the beneficial owner and create confusion.
Using corporate vehicles without valid a business or business reason.
Using third-party intermediaries when this does not match with normal business practices or to disguise identity of PEP.
Using close family members or confidants as legal owner.
What are the behaviour Red flags with PEPs?
Use of corporate vehicles (legal entities) to hide A) ownership, B) involved industries or C) jurisdictions/countries.
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Politically Exposed Persons (PEPs) will always try to disguise their identity to avoid being exposed.

How to detect them? Find out about the red flags on our last blog post!

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