As part of our implementation of FSA guidelines around Anti-Money Laundering activities, we introduced questions on Politically Exposed Persons as part of our account opening procedures.
Genius financial columnist Nelson:
what on earth is a Politically Exposed Person?
customers who, by virtue of their position in public life, are vulnerable to corruption
This isn’t earth-shattering stuff; any professional or financial services firm has to ask those questions of its clients, and RBS would be remiss for not doing so. Taking UK political party membership as an indication of PEP status was technically incorrect, but fair enough I reckon – if you’re a member of a UK political party, you’re either corrupt, stupid or massively over-optimistic…
Nelson then goes off into an insanely paranoid rant about banks asking people whether they occupy any political offices. Oh noes! A majority-government-owned institution is asking me whether I’m a political party member. The gulags surely do beckon…
If you’re worried about this, you’re a moron.