What is a politically exposed person (PEP)? Why money firms check
By SendPay Business · · 2 min read
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A politically exposed person, or PEP, is someone who holds or has held an important public role, such as a senior politician, judge or head of a state-owned company. Money firms check for PEPs because such roles carry a higher risk of bribery and corruption.
Who counts as a PEP
The definition usually covers heads of state, ministers, members of parliament, senior judges, central bank board members, ambassadors, senior military officers and directors of state-owned companies. Close family members and known close associates are often checked too.
Being a PEP is not wrongdoing
A PEP is not suspected of anything just by holding the role. It simply means firms must take extra care to understand where their money comes from before and during the relationship.
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