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Jul 10, 2020 · A Politically Exposed Person (PEP) is an individual with a prominent public post or a public function. Members of Parliament, State Assemblies, Judges, Governors and senior government officers would come within the PEP category along with their close relatives (people in direct contact).
In financial regulation, a politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence they may hold.
In order to ensure your organization fully complies with financial crime compliance regulations, it is essential that you and your team are aware of who or what a Politically Exposed Person (PEP) could potentially be, in order to identify them and carry out enhanced due diligence procedures.
There is no international consensus on the definition of a PEP but the Financial Action Task Force defines a PEP as “an individual who is or has been entrusted with a prominent public function.” FATF’s guidance is held by many countries and organizations as the benchmark test of who may be a PEP.
Sep 16, 2024 · A politically exposed person (PEP) is an individual with a high profile political role, or someone who has been entrusted with a prominent public function. These individuals present a higher risk of involvement in money laundering and/or terrorist financing because of the position they hold.
PEP or Politically Exposed Person is an individual who is or has been trusted with a significant public role. This definition extends beyond local borders, encapsulating individuals performing prominent public functions domestically, in foreign countries, or in international organizations.
Jan 28, 2024 · A Politically Exposed Person (PEP) is an individual with an elevated status who is more vulnerable to engaging in activities such as bribery, money laundering, or corruption. Often, PEPs hold significant public roles within an international organization or a government.
A politically exposed person (PEP) is someone in a high-profile, prominent political or public role, past or current. Think senior politician, foreign political figure, or high-ranking civil servant. PEPs are important for the simple fact that they’re considered to be more prone to corruption, terrorist financing and money laundering.
A politically exposed person (PEP) is someone who has been appointed by a community institution, an international body or a state (including the UK) to a high-profile position within the last 12 months.
A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent function. Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery.
