What is a Politically Exposed Person (PEP)?
A PEP is either:
- a person that themselves holds a position of high exposure in public office;
- or a Relative or Close Associate (RCA) of someone that holds such an office (Parent, Spouse/Partner, Child or Spouse/Partner of Child)
Such prominent roles may include (not exclusive list):
- heads of state, heads of government, ministers and deputy or assistant ministers;
- members of parliament or of similar legislative bodies;
- members of the governing bodies of political parties;
- members of supreme courts, of constitutional courts or of other high-level judicial bodies,
- members of the boards of central banks;
- ambassadors, chargés d’affaires and high-ranking officers in the armed forces
Why do you need to know this?
It’s important to make it clear that there is nothing wrong or bad about being a PEP. There are international standards, set by the Financial Action Taskforce, that simply state that there is additional AML risk for these persons.
I’m a PEP! What does this mean for me?
At the outset, it means very little should change or affect your use of the platform. We may ask some additional questions depending on the role, nature of your exposure or some areas that need clarifying.
This status does not immediately disqualify you from investing or trading, it’s simply a regulatory check.
If there are still any concerns about being a PEP, please feel free to contact us via the chat window