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ACCOUNT VERIFICATION

What is a Politically Exposed Person (PEP)?

ACCOUNT VERIFICATION

What is a Politically Exposed Person (PEP)?

What is a Politically Exposed Person (PEP)?

A politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold.

“Politically exposed person” or “PEP” means any of the following:

(a) a natural person who is or has been entrusted with prominent public functions (“P”), including:
(i) a head of state, head of government, minister or deputy or assistant minister;
(ii) a senior government official;
(iii) a member of parliament;
(iv) a senior politician;
(v) an important political party official;
(vi) a senior judicial official;
(vii) a member of a court of auditors or the board of a central bank;
(viii) an ambassador, chargé d’affaires or other high-ranking officer in a diplomatic service;
(ix) a high-ranking officer in an armed force;
(x) a senior member of an administrative, management or supervisory body of a state-owned enterprise; or
(xi) a senior member of management of, or a member of, the governing body of an international entity or organisation;

(b) any of the following family members of P, including:
(i) a spouse;
(ii) a partner considered by national law as equivalent to a spouse;
(iii) a child;
(iv) a spouse or partner of a child;
(v) a brother or sister (including a half-brother or half-sister);
(vi) a spouse or partner of a brother or sister;
(vii) a parent;
(viii) a parent-in-law;
(ix) a grandparent; or
(x) a grandchild;

(c) any natural person known to be a close associate of P, including:
(i) a joint beneficial owner of a legal person or legal arrangement, or any other close business relationship, with P;
(ii) the sole beneficial owner of a legal person or legal arrangement known to have been set up for the benefit of P;
(iii) a beneficiary of a legal arrangement of which P is a beneficial owner or beneficiary; or
(iv) a person in a position to conduct substantial financial transactions on behalf of P;