What is a PEP?

PEP – standard definition

An individual who is or have been entrusted with prominent public functions including: heads of state, heads of governments, ministers and deputy assistant ministers; members of parliament; members of supreme courts, of constitutional courts or of other high level judicial bodies whose decisions are not subject to further appeal except in exceptional circumstances; members of courts of auditors or of the boards of central banks; ambassadors and high-ranking officers in the armed forces; and members of the administrative, management or supervisory bodies of State-owned enterprises.

PEP – immediate family

This includes immediate family members of PEPs such as the spouse; any partner considered by national law as equivalent to the spouse; the children and their spouses or partners; and the parents.

PEP – beneficial owner

It also includes individuals known to be close associates of PEPs in the standard definition, which means any individual who is known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations with a person referred to in the PEP definition; and any individual who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been setup up for the benefit de facto of the PEP standard definition.