What is meant by politically exposed person PEP?

The definition of politically exposed person (PEP) is an individual with a high profile political role, or who has been entrusted with a prominent public function. They present a higher risk for involvement in money laundering and/or terrorist financing because of the position they hold.

What does PEP stand for in KYC?

politically exposed person
KYC-Chain. A politically exposed person (PEP) is an individual who is currently or has previously been entrusted with a prominent public position.

Who is classified PEP?

PEP is a person who is authorized to perform prominent public functions in a country and include governors of the state, members of Parliament, military officers, senior government and judicial executives and heads of local bodies such as municipal corporations, among others[1].

Are you a politically exposed person PEP?

Who is a PEP? A politically exposed person is someone who holds a prominent public position or function, such as a Head of State, senior government official, High Court of Australia judge, high-ranking member of the armed forces or the Chair or CEO of an organisation that influences state or federal organisations.

What is PEP and sanctions?

Sanctions and PEP screening: Ongoing monitoring. Automate ongoing monitoring of individuals and entities against up-to-date Politically Exposed Person (PEPs) and sanctions lists to monitor your customers daily and alert you immediately of any changes to a customer’s circumstance or status.

What are the types of PEP?

Types of Politically Exposed Persons:

• Domestic PEPS: an individual that holds a prominent public position or function domestically.
• Foreign PEPs: an individual that holds a prominent public position or function within a foreign country.

What is a PEP and Sanctions check?

What are PEP and Sanction checks? PEPs and Sanctions checks are often discussed simultaneously as they are both required by KYC laws. These checks allow you to see if a company has been sanctioned or if a politically exposed person is connected to the company.