Miscellaneous Politically exposed persons
Section 77 requires HM Treasury to exercise existing powers contained in section 49 of the Sanctions and Anti-Money Laundering Act 2018 to amend regulation 35 of the MLRs. This regulation sets out the existing requirements in relation to enhanced customer due diligence with respect to PEPs including, at paragraph (4), taking into account guidance issued by the FCA.
	The FCA must give guidance on the enhanced customer due diligence measures required in relation to PEPs, their family members and known close associates in accordance with section 139A of the Financial Services and Markets Act 2000 and regulation 48 of the MLRs.
	Further detail as to the relevant legal background is explained in the policy background section of these Notes.