Time Limits for PEPs
The Anti-money Laundering and Terrorist Financing Code of
Practice (“the Code”) specifies that a PEP shall cease to be
treated as such after a period of two years following the day
on which he/she ceases to qualify as a PEP
HOWEVER
Where appropriate, a customer may continue to be treated
as a PEP for such period as considered relevant during the
course of the relationship, but no longer than 10 years from
the date on which he/she ceases to qualify as a PEP
