WHAT IS PEP REPORT ?
A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent public function. PEPs are higher-risk customers for financial institutions because they have more opportunities than ordinary citizens to acquire assets through unlawful means like embezzlement and bribe-taking and thus are more likely to launder money. Therefore, all financial institutions are thereby required to file PEP Report to the CBN and NFIU monthly and also apply AML/CFT measures to their business relationship with any customer that has been identified and assessed to be a PEP.
ADRAPS PEP REPORT OPERATIONS
Under this section, the Compliance planet has six (5) operations, which are;
● Bulk Upload of new PEP accounts
● Creation of a new PEP account
➔ To perform any of the ADRAPS PEP operations, click on reports on the compliance planet dashboard as in fig.4.2b below.
➔ This will display the reports dashboard. See fig. 4.2c to view ADRAPS PEP operations on the report dashboard. The different operations are explained in the following sections.
(fig. 4.2c)
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