Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

OL definition

What does OL mean? OL (Organisational Learning) refers to how an organisation captures, analyses and embeds lessons from legal, regulatory and operational events (for example, complaints, breaches, incidents, audits and investigations) to improve compliance, reduce risk and evidence effective governance. It is not a defined legal term in UK or Irish legislation or case law, but a descriptive concept used across compliance, risk management, internal investigations, remediation and regulatory enforcement. Typical applications include post‑incident reviews, root cause analysis, corrective and preventive actions, policy and control updates, staff training, management information, board oversight and maintaining an audit trail to demonstrate accountability. Legal significance includes: evidencing effective systems...

Politically Exposed Persons under the UK Money Laundering Regulations 2017: identification, risk assessment and enhanced due diligence, including ECCTA 2023 domestic/non-domestic PEPs, family/associates and beneficial ownership

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Practice notes

Politically exposed person (PEP) status

Individuals who have, or have held, political standing, or who occupy, or have occupied, public office, can present an elevated money laundering risk to firms because their role may leave them vulnerable and exposed to corruption. This exposure also covers their immediate family members and known close associates. While holding politically exposed person (PEP) status does not, of course, implicate people or organisations, it does place the client or beneficial owner within a higher risk bracket. You must carry out enhanced due diligence (EDD) steps and enhanced ongoing monitoring where you conclude that the client or prospective client is a PEP, or a relative or known close associate of a PEP. When this threshold is met, undertaking EDD is compulsory, though you may adopt a risk-based approach when deciding the type and breadth of EDD measures to apply. This Practice Note sets out detailed provisions concerning PEPs, including their purpose, the definition of a PEP, and obligations around identifying and assessing PEP risks. It also offers guidance on procedures to control the risks linked to a PEP relationship and addresses the question of PEPs acting as beneficial owners...

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Web page updated on 21/05/2026

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