Political Exposure
A Politically Exposed Person (PEP) is a natural person who is or has been entrusted with prominent public functions. This includes the following positions:
- Head of State or Head of Government
- Minister, Deputy Minister, or Assistant Minister
- Member of a Legislative Body
- Member of a Governing Body of a Political Party
- Judge of the Highest Court of a Country
- Auditor General or Member of the Supervisory Board or Executive Board of a Central Bank
- Ambassador, Envoy, or Chargé d’Affaires
- High-ranking Officer in the Armed Forces
- Member of an Administrative, Management, or Supervisory Body of a State-Owned Enterprise
- A person considered a performer of prominent public functions by a Member State of the European Union, the European Commission, or an international organization accredited in the European Union, according to a list published by the European Commission.
Who are Relatives and Close Associates (RCA)?
Relatives
A person known to be a relative of a PEP includes:
- Spouse/registered partner of a PEP or an equivalent partner
- Parent of the PEP
- Child of the PEP
- Spouse or registered partner of the PEP’s child
Close associates
A person known to be a close associate of a PEP includes:
- A natural person known to be a Beneficial Owner of a legal person jointly owned with the PEP or one who has a close business relationship with the PEP.
- A natural person who is the Sole Beneficial Owner of a legal entity established by the PEP or in the interests of the PEP.
- Natural persons who, together with the PEP, are beneficial owners of a legal entity, a collective investment, a trust, or a comparable legal structure under foreign law.
- Natural persons who are the sole beneficial owners of a legal entity, a collective investment, a trust, or a comparable legal structure under foreign law known to have been established for the benefit of the PEP. This includes “nominees” who appear to be acting or receiving benefits on their behalf, whereas in practice, they are acting on behalf of the PEP.
Any natural person known to have close business ties with the PEP, such as the PEP’s business partners.
