What is a politically exposed person (PEPs)?

A politically exposed person (PEP) is an individual who holds, or has held, a prominent public position or function in a government or international organisation.

This includes high-ranking officials, government ministers, senior executives of state-owned enterprises, members of parliament, and judges. Additionally, family members and close associates of these individuals are also considered PEPs due to their potential influence or access to privileged information.

PEP status is significant in financial institutions and businesses as they are subject to enhanced due diligence measures to mitigate the risk of financial crimes such as corruption, money laundering, and bribery.

Please ensure you fully understand what a PEP status is to ensure your organisation is compliant with regulatory requirements.