Politically exposed person
Someone entrusted with a prominent public function, or a close family member or associate of one, treated as higher risk for corruption.
Being a PEP is not an accusation. It means the relationship carries more corruption risk, so regimes require enhanced due diligence, senior management approval and closer ongoing monitoring.
Definitions differ on who counts as a close associate, whether domestic PEPs are treated like foreign ones, and how long someone stays a PEP after leaving office.
Where the rules use it.
- FATF RecommendationsThe 40 Recommendations — the international standard every national AML/CFT/CPF regime is measured against.Global · 8 controls
- GFSC Handbook on Countering Financial Crime (AML/CFT/CPF)The Bailiwick's AML/CFT/CPF rules and guidance for financial services businesses and prescribed businesses, issued under the Criminal Justice (Proceeds of Crime) regulations.Guernsey · 8 controls
- JFSC AML/CFT/CPF HandbookHandbook for the prevention and detection of money laundering, terrorist financing and proliferation financing under the Money Laundering (Jersey) Order 2008.Jersey · 8 controls
- UK Money Laundering Regulations 2017The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.United Kingdom · 8 controls