29 March 2024, Friday, 1:10
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Banks in Belarus identify “politically exposed” clients

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Owners of e-wallets at Belgazprombank are obliged to write in the questionnaire whether they are “politically exposed persons”.

Belorusskiy partisan has been informed about that by one of the readers.

Representatives of the bank stated that it’s a responsibility of all Belarusian banks to identify “politically exposed persons.”

“There were no questions about political views of a client, and they are impossible there. It is asked in the questionnaire whether one is a politically exposed person or not. Banks must ask such a question to adhere to the requirements of the Belarusian laws,” the bank informed.

Thus, in keeping with the Law of Belarus as of July 19, 2000 No.426-3 “On Combating Legalisation of Illegally Gained Income and Financing of Terrorism” banks are obliged to identify politically exposed persons among their clients.

According to the law, a politically exposed person is a natural person who has been entrusted with a prominent public function (a leader of the state or government, major political leaders, top officials, judges or top brass, chief executives of state corporations, representatives of major political parties and so on), or a relative or known associate of that person.

If a client is a PEP, according to the law a bank is: “to sign a contract for carrying out financial operations for a PEP, as well as organisations, whose beneficiary owners they are, in a written form, and only after receiving a written approval of a head officer carrying out financial operations, and if a participant of a financial operation has become a politically exposed person, or an organisation whose beneficiary owner he is, after a contract was signed in a written form – a written approval of a relevant chief officer for extension of this contract should be received; reasonable and available in that situation measures should be taken in order to detect sources of income for politically exposed persons, as well as organisation whose beneficiary owners they are.”

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