In order to ensure your organisation fully complies with the latest financial PEP regulations, it is essential that you and your team are aware of who or what a Politically Exposed Person (PEP) could potentially be.

Providing a definitive list of who could be classed as a PEP is difficult, as the criteria is so broad; international definitions vary and the Financial Action Task Force (FATF) is frequently issuing updated recommendations.

In basic terms, a Politically Exposed Person is someone who, through their prominent position or influence, is more susceptible to being involved in bribery or corruption. In addition, any close business associate or family member of such a person will also be deemed as being a risk, and therefore could also be added to the PEP list.

The Basic Criteria for Deciding who is a Politically Exposed Person

Anyone in any of the following roles should be considered a potential PEP.

PEPs in Government Roles

PEPs in Organisations and Institutions

Known ‘Close Associates’ who are Considered PEPs

Immediate Family Members who are Considered PEPs

Note: Each country may have different local PEP regulations that you need to comply with when doing business in that region.

Accuity has produced a handy infographic that summarises information on who should be classified as a Politically Exposed Person.

What is a PEP? Infographic

Test Yourself: Are these people PEPs?

View the PEP infographic for the answers and learn what constitutes a PEP.

How to easily identify these PEPs

It’s easy to see how the list of potential PEPs is huge and continually in flux as people move into new roles, family members change, regulations and  recommendations from the FATF get updated on a local level, and the international landscape continually alters.

Request a demonstration
 to see how our KYC Due Diligence Data File can be seemlessly built into your PEP screening process to help streamline your due diligence and lower your exposure to risk and fines.

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