Politically Exposed Persons (PEP)

We’re required to have a procedure in place to identify Politically Exposed Persons (PEP’s).

PEPs can be:

  • heads of state, heads of government, ministers, and deputy or assistant ministers
  • members of Parliament
  • members of courts of auditors or of the boards of central banks
  • ambassadors, chargés d’affaires and high-ranking officers in the armed forces
  • members of the administrative, management or supervisory bodies of state-owned enterprises
  • members of supreme courts, constitutional courts or other high-level judicial bodies whose decisions are not generally subject to further appeal, except in exceptional circumstances

PEPs also include:

  • the person’s family members
  • close business associates
  • beneficial owners of the person’s property (someone who enjoys the benefits of ownership even though the title of the property is in another person’s name)