BSP is required by the Anti-Money Laundering and Counter –Terrorist Financing Act 2015 (the AML/CTF Act) to review account activity on a regular basis for various customers including customers who fall within the category of what is known as Politically Exposed Persons or PEPs.
The definition of Politically Exposed Persons includes persons who have been entrusted with prominent public functions and whose substantial or complex financial or business transactions may represent an enhanced money laundering risk. PEPs include government officials, politicians, judicial officials, senior political party officials etc, and also include close associates and close relatives of such persons.
The due diligence exercises are carried out on an ongoing basis by BSP.
The information requested by BSP may include documents to support deposits into your account, or documents which show the relationship with a third party to whom you are paying, or from whom you are receiving funds into your account.
BSP will request for copies of tax filings of PEP customers who have income other than salary or wages. If you are a person who is identified in the Constitution of the Independent State of Papua New Guinea as being required to file annual declarations with the Ombudsman Commission under the Organic Law on the Duties and Responsibilities of Leadership, you will be asked to provide a copy of your annual declaration to BSP.
The information provided will remain confidential to BSP and will only be disclosed by BSP to a Regulator as required by law.
BSP remains strongly committed to the efforts of the Bank of Papua New Guinea and the Financial Analysis and Supervision Unit (FASU) to combat money laundering and terrorist financing in Papua New Guinea.