Politically Exposed Person (PEP)
A person in a politically exposed position, a family members or known employees of this person (RCA), are considered by their position and influence to hold a position that in itself poses a risk of being exploited for, among other things, bribery.
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PEP screenings
Performing PEP screenings shows you if an individual is a Politically Exposed Person (PEP), relative or close associate (RCA) on a global scale. When a person at a politically exposed position has ceased to exercise his or her functions, the stricter measures shall be applied for at least 18 months and until the person is no longer considered to pose a risk to money laundering or terrorism financing. The provisions governing persons in a politically exposed position shall also apply to family members and well-known employees of persons in a vulnerable position.
Our global PEP lists are updates on a regular basis to enable seamless PEP/RCA screenings during onboarding.
What counts as a PEP?
Definitions of PEP vary, but Pliance data stays on top of international and local definitions. Examples of PEP roles include:
- Head of State
- The Prime Minister and other ministers in the Government Offices
- Members of parliament
- Director of the general bank
- The Auditors General
- Judges of the Supreme Court and the Supreme Administrative Court
- Judges of the Supreme Court and the Supreme Administrative Court
- CEO, President or board member of state-owned companies
- Officers (general, lieutenant general, general mayor, admiral, vice admiral and country admiral)
- Ambassadors, consuls, high comissioners
- Person in the management of an international organization (board members, secretary general and more)
What do I do if a person is a PEP?
If a customer is to be regarded as a person in a politically exposed position, the company must take stricter measures. This means always finding out where the assets that are managed in a business relationship or a single transaction come from. It also means that approval must be obtained from the competent decision-maker before a business relationship can be initiated. In addition, the company will carry out stricter continuous follow-up of the business relationship.
When a person in a politically exposed position has ceased to perform his functions, the intensified measures shall be applied for at least 18 months and until the person is no longer considered to pose a risk of money laundering or terrorist financing. The provisions on stricter measures shall also apply to family members and known employees of a person in a politically exposed position.
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