While there is no global standard for a politically exposed person (PEP), it is generally defined as a person who is directly entrusted to a public office or is closely related to such a person. According to the FATF (Financial Action Task Force) guidelines, a PEP is defined as:
a current or former senior official in the executive, legislative, administrative, military, or judicial branch of a foreign government (elected or not)
a senior official of a major foreign political party
a senior executive of a foreign government-owned commercial enterprise, being a corporation, business or other entity formed by or for the benefit of any such individual
an immediate family member of such individual (spouse, parents, siblings, children, and spouse’s parents or siblings)
any individual publicly known (or actually known by the relevant financial institution) to be a close personal or professional associate
Accuity has produced a handy infographic that summarises information on who should be classified as a Politically Exposed Person.