What is PEP and how to you define it

Question

Accepted Answer

PEP stands for Politically Exposed Person, referring to individuals who hold prominent public positions or have close associations with such individuals.

PEPs are individuals who are entrusted with prominent public functions, such as government officials, heads of state, or high-ranking military officers.
Family members or close associates of PEPs are also considered as PEPs due to their potential influence and access to resources.
Financial institutions are required to conduct enhanced due diligence on PEPs to mitigate the risk of money laundering or corruption.
Examples of PEPs include government ministers, ambassadors, and senior executives of state-owned enterprises.

Accepted Answer

PEP is political influence on the client or politically involved person connected to clients making decesion or controlling client day to day activities. This will have more scope of money laundering. Hence based on position and cooling period. This need to be assessed

What is PEP and how to you define it

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