What is a DPIP mean?
Page 1. Domestic Prominent. Influential Persons (DPIP)
Who is a FPPO?
FPPO means a foreign prominent public official, being a person, or immediate family member or known close associate of a person, who occupies, or within the past 12 (twelve) months occupied, any of the positions listed in Schedule 3B of FICA and 0 of this RMCP.
What is a foreign prominent influential person?
A foreign prominent public official is an individual who holds, or has held (at any time in the preceding 12 months), a prominent public function in any foreign country including that of a; 4.2. 1 Head of State or head of a country or government; 4.2.
What is ongoing due diligence?
Ongoing Due Diligence means regular monitoring of transactions in Customer’s accounts to ensure that they are consistent with the customers’ Business, risk profile and source of funds. Ongoing monitoring is an essential element of effective KYC procedures.
Under which circumstances can the accountable institution establish a business relationship with the client?
The Act stipulates that an accountable institution may only establish a business relationship or conclude a single transaction with a client once such institution has, in accordance with its Risk Management and Compliance Programme (hereafter referred to as “RCMP”), established the identity of the client.
Who are considered PEP in the Philippines?
“Politically Exposed Person” (PEP) refers to an individual who is or has been entrusted with prominent public position in (a) the Philippines with substantial authority over policy, operations or the use or allocation of government-owned resources; (b) a foreign State; or (c) an international organization. 2.
What is simplified due diligence?
Simplified due diligence (SDD) Simplified due diligence is permitted where you determine that the business relationship or transaction presents a low risk of money laundering or terrorist financing, taking into account your risk assessment.
What is the difference between due diligence and enhanced due diligence?
The main difference between Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) is that Customer Due Diligence (CDD) remains a less strict customer verification process as it only requires id information, address and assesses the risk category of the customer.
Who are accountable institutions?
The term “accountable institution” is defined as a person or organisation referred to in Schedule 1 of the FIC Act that carries out business of any entity listed. Accountable Institutions Include the Following Organisations: A practitioner who practices as defined in section 1 of the Attorneys Act (53 of 1979).
How do you FICA a client?
The following documents are acceptable to verify a client’s identity: Valid passport; Valid asylum seeker or refugee permit; Valid work permit. Copy of birth certificate or valid ID document or adoption certificate (if applicable). Letter confirming legal guardianship (if applicable).
What family members are considered PEP?
the ex-spouse or partner of a foreign PEP, they are considered a family member of a foreign PEP forever; and. the ex-spouse or partner of a domestic PEP or HIO, they are considered a family member of a domestic PEP or HIO until the domestic PEP or HIO ceases to be a domestic PEP or HIO.
What are the two types of due diligence?
Types of Due Diligence
- Financial Due Diligence. Review business strategy.
- Accounting Due Diligence. Ensure compliance with relevant accounting rules and policies.
- Tax Due Diligence. Analyze current tax position.
- Legal Due Diligence. Assess balance sheet and off-balance sheet liabilities and potential risks.
What does due diligence involve?
The due diligence process involves thoroughly identifying, evaluating and verifying all available information on a person, company or entity. A due diligence check is especially important when you’re hiring or considering prospective business partners or new commercial relationship.
What is accountable governance?
Accountability, in terms of ethics and governance, is equated with answerability, blameworthiness, liability, and the expectation of account-giving. As in an aspect of governance, it has been central to discussions related to problems in the public sector, nonprofit and private (corporate) and individual contexts.