WILLEMSTAD - Curaçao has officially implemented the Politically Exposed Person (PEP) regulation, aimed at increasing scrutiny of individuals with political connections to prevent financial crimes. This regulation, which aligns with the Financial Action Task Force (FATF) standards, mandates that banks and businesses conduct thorough checks on potential PEPs.  

These checks include reviewing financial activities and connections to ensure transparency and reduce risks such as money laundering, terrorism financing, and corruption. Institutions will now be responsible for identifying PEPs and investigating their financial sources to safeguard integrity in the financial system.