Who qualifies as a politically exposed person (PEP)?

Pursuant to the Prevention of Money Laundering and Funding of Terrorism Regulations, politically exposed persons are natural persons who are:

i) entrusted with prominent public functions, which include:

  1. Heads of State or Government, Ministers, Deputy or Assistant Ministers, Parliamentary Secretaries;
  2. Members of Parliament or similar legislative bodies;
  3. Members of governing bodies of political parties;
  4. Members of superior, supreme, and constitutional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
  5. Members of courts of auditors or of the boards of central banks;
  6. Ambassadors, charges d’affaires and high ranking officers in the armed forces
  7. Members of the administrative, management or supervisory boards of State-owned enterprises;
  8. Anyone exercising a function equivalent to those set out in paragraphs (a) to (f) within an institution of the European Union or any other international body.

ii) immediate family members of the above persons:

  1. The spouse or any partner recognized by national law as equivalent of the spouse.
  2. The children and their spouses or partners.
  3. The parents.

iii) persons known to be close associates:

  1. A natural person known to have joint beneficial ownership of a body corporate, any other form of legal arrangement or any other close business relationship with the PEP.
  2. A natural person who has sole beneficial ownership or any other form of a legal arrangement that is known to have been established for the benefit of the PEP.