Related Terms
DEFINITION
PEPs (Politically Exposed Persons)
PEPs are individuals entrusted with prominent public functions, such as government officials, senior politicians, judicial or military officials, who, through their position and influence, potentially pose a higher risk for involvement in bribery or corruption.
Synonyms
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Acronyms
PEP
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Synonyms
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Acronyms
PEP
Examples
The new client was flagged as a PEP due to their position as a foreign government minister, triggering enhanced due diligence measures.
FAQ
Who qualifies as a PEP?
PEPs include senior government officials, politicians, judicial figures, military leaders, and senior executives of state-owned companies.
Are PEPs always high-risk clients?
Not necessarily, but PEP status is a risk factor that requires enhanced due diligence given the potential for bribery and corruption.
What additional measures are required for PEP clients?
PEP clients require senior management approval, identification of wealth sources, enhanced transaction monitoring, and regular reviews.
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