Keyword Analysis & Research: financially exposed person definition


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What does it mean to be a politically exposed person?

But there is no official global definition of a politically exposed person. The term PEP is typically used referring to customers in the financial services industry, while ‘foreign official’ refers to the risks of third-party relationships in all industries. They are not necessarily the same thing.

What is a politically exposed person under fatfatf?

FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22) A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent function. Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery.

Who are politically exposed persons (PEP)?

Article 52 of the UNCAC defines PEPs as “individuals who are, or have been, entrusted with prominent public functions and their family members and close associates”, and includes both domestic and foreign PEPs. The FATF’s latest definition of politically exposed persons (PEP), revised from 2003, is as follows:

What is a close associate of a politically exposed person?

A “close associate” of a Politically Exposed Persons means a natural person who is closely connected to a Politically Exposed Persons, either socially or professionally.

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