Who is a Politically Exposed Person (PEP)?

A Politically Exposed Person is someone who has been entrusted with a prominent public function. Example:

a current or former senior official in the executive, legislative, administrative, military, or judicial branch of a government (elected or not) i.e heads of states and government, members of government (national and regional), members of parliament, heads of military, judiciary, law enforcement and board of central bank), a senior official of a major political party (i.e top ranking officers), a senior executive of a government owned commercial enterprise, being a corporation, business or other entity formed by or for the benefit of any such individual, senior management and board of directors of state owned businesses and organization)

an immediate family member of such individual; meaning spouse, parents, siblings, children, and spouse’s parents or siblings.

any individual publicly known (or actually known by the relevant financial institution) to be a close personal or professional associate..