UK Administration Rejects Centralised UK PEP Register
The UK government has rejected the notion to of a centralised register of politically exposed persons (PEPs) making them subject to stricter anti-money laundering regulations. Rejecting a recommendation from the parliamentary Treasury Committee, they stated that a centralised database would encourage AML checks to focus efforts on a PEP's origins as opposed to their current risk-level.
This is contradictory to the UK's risk-based approach to money laundering practices. Going forward, companies must instead rely on the existing July 2017 guidance to identify PEPs at a higher risk of money laundering. The government did however agree with several smaller suggestions made by the committee.