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)