Who is a PEP?
United Nations Convention against Corruption (UNCAC) defines PEPs as “individuals who are, or have been, entrusted with prominent public functions and their family members and close associates, and includes both domestic and foreign PEPs”.
Most countries base their PEPs definitions on the guidance issued by the FATF which categorize PEPs as:
- Government Officials
- Political Party Officials
- Senior Executives
- Relatives and Close Associates
We are legally obliged to establish whether you, as a customer, might have any political connection.
What does this mean for you? If we establish that you are a PEP we will simply ask you for additional information.