Consultation opens
18/07/2024
Consultation closes
18/10/2024
Finalised Guidance published
07/07/2025
07/07/2025
Read our Finalised Guidance for firms on how to apply a proportionate and risk-based approach to UK politically exposed persons (PEPs), their relatives and close associates for anti-money laundering purposes.
We are updating our guidance to reflect changes to the legislative framework in the UK since 2017.
In the updated guidance, we:
A PEP is someone holding a prominent public position who is entrusted with prominent public functions either in the UK or elsewhere in the world.
The changes will be relevant to FCA-supervised firms under the Money Laundering Regulations 2017.
They may also be of interest to:
Firms should read our Final Guidance with our multi-firm review (PDF) of the treatment of politically exposed persons published in July 2024.
We first produced guidance in July 2017 (FG17/6 PDF) for firms in dealing with PEPs.
Under the Financial Services and Markets Act 2023, we needed to review the way that firms are applying our guidance and consider whether it required any changes.
We completed a review and consulted on proposed changes (PDF).
Generally, we found that our guidance remains appropriate. However, we identified several areas where we have amended our guidance due to legislative changes or to make it clearer to help firms comply.