Enhanced due diligence in relation to politically exposed persons in banking sector

Abstract

The presented article is devoted to the analysis of politically exposed persons, who require enhanced due diligence under the Act on the Prevention of Legalization of Proceeds from Criminal Activity and on the Prevention of Financing of Terrorism as amended. This enhanced due diligence involves Know Your Customer (KYC) and Know Your Transaction (KYT) tools based on AML (Anti-Money Laundering) regulations by the obliged entity.