Anti-Money Laundering legislation defines PEP as a natural person who is or who has been entrusted with prominent public
functions and includes the following:
- heads of State, heads of government, ministers and deputy or assistant ministers;
- members of parliament or of similar legislative bodies;
- members of the governing bodies of political parties;
- members of supreme courts, of constitutional courts or of other high-level judicial bodies, the decisions of which are not subject to further appeal, except in exceptional circumstances;
- 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;
- directors, deputy directors and members of the board or equivalent function of an international organization.
No public function referred to in points (a) to (h) shall be understood as covering middle-ranking or more junior Officials;
‘family members’ includes the following:
- the spouse, or a person considered to be equivalent to a spouse, of a politically exposed person;
- the children and their spouses, or persons considered to be equivalent to a spouse, of a politically exposed person;
- the parents of a politically exposed person;
‘persons known to be close associates’ means:
- natural persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a politically exposed person;
- natural persons who have sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a politically exposed person.
Definition of Immediate Family Member & Close Associates of a PEP: The legislation extends the requirement to apply Enhanced customer due diligence to an immediate family member, or a close associate, of a PEP.
In the case the above is applicable to you, please inform our Back Office Team in writing at [email protected] accordingly.‹ Back to Help Center