A Politically Exposed Person (PEP) is a natural person who currently holds or has held a prominent public function, or who has close family members or close business associates in such positions.
Prominent public functions include:
- Head of state, head of government, minister, deputy or assistant minister
- Member of parliament or a similar legislative body
- Member of a governing body of a political party
- Member of a supreme, constitutional or other high-level judicial body whose decisions are generally not subject to appeal
- Member of the board of a court of auditors, an auditor general’s office, or a central bank
- Ambassador, chargé d’affaires, or high‑ranking officer of the armed forces
- Member of the administrative, management or supervisory body of a state‑owned enterprise
- Director, board member or senior management of an international organisation
Relatives and close associates
You are also considered a PEP if you are closely connected to a PEP:
Relatives include:
- Spouse, registered partner or equivalent
- Children and their spouses or partners
- Parents
Close associates include:
- Persons with a known close business relationship with a PEP (for example, joint beneficial ownership of a company)
- Persons who are the sole beneficial owner of a legal entity or arrangement established for the benefit of a PEP
What does “recently” mean?
“Recently” means within the last 12 months after the person has left one of the positions listed above.
Why does Nordea ask this question?
Under the Anti‑Money Laundering (AML) Act, Nordea is required to collect specific information about persons acting on behalf of a company. Identifying whether a user is a PEP helps Nordea meet these legal obligations and remain compliant.
How is the question used?
When a new user or administrator is created in Corporate Netbank Administration or Administration on Nordea Corporate, or when existing user information is updated, the PEP question must be answered.
The question is answered with YES or NO.