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Politically exposed persons (PEP), family members and close associates

Learn the definitions of politically exposed person (PEP), family member and close associate of a PEP.

According to "The Joint Money Laundering Steering Group, Prevention of money laundering/ combating terrorist financing, 2020 REVISED VERSION, GUIDANCE FOR THE UK FINANCIAL SECTOR", a PEP is defined as an individual who is entrusted with prominent public functions, other than as a middle-ranking or more junior official. Individuals entrusted with prominent public functions include:

  1. heads of state, heads of government, ministers and deputy or assistant ministers;
  2. members of parliaments or of similar legislative bodies;
  3. members of supreme courts, of constitutional courts or of other high-level judicial bodies the decisions of which are not subject to further appeal, except in exceptional circumstances;
  4. members of courts of auditors or of the boards of central banks;
  5. ambassadors, charges d’affaires and high-ranking officers in the armed forces (other than in respect of relevant positions at Community and international level);
  6. members of the administrative, management or supervisory boards of State-owned enterprises;
  7. and directors, deputy directors and members of the board or equivalent function of an international organisation.

Family members of a PEP include:

  1. a spouse or partner of that person;
  2. children of that person and their spouses or partners;
  3. and parents of that person.

Close associates of a PEP include:

  1. an individual who is known to have joint beneficial ownership of a legal entity or legal arrangement, or any other close business relations, with a PEP;
  2. and an individual who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the benefit of a PEP.