What is a Politically Exposed Person (PEP)?

A PEP is a natural person who is or has been entrusted with one of the following prominent public functions in a state:

1. Heads of State, head of government, minister, and deputy or assistant ministers;
2. Members of parliament or of similar legislative bodies;
3. Members of the governing bodies of political parties;
4. 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;
5. Members of courts of auditors or of the highest decision-making bodies which audit the financial management of the State and are equivalent to national audit offices;
6. Members of the boards of central banks;
7. Ambassadors, chargés d'affaires and high-ranking officers in the armed forces;
8. Members of the administrative, management or supervisory bodies of state-owned enterprises; and
9. Directors, deputy directors and members of the board or equivalent function of an international organisation.

Relatives of and Close Associates to PEPs

Relatives include:

1. The PEP's spouse, registered partner or equivalent;
2. The PEP's children and the children's spouses, partners or equivalent; and
3. The PEP's parents.

Close Associates are defined as:

1. A natural person who is known to have a close business relationship (e.g. joint Beneficial Ownership of a legal entity) with a PEP; and
2. A natural person who is a sole beneficial owner of a legal entity or legal arrangement established for the benefit of a PEP.