As a regulated financial institution, sometimes we need to confirm some details about you before we can complete your transfer. We’ll need to know if you’re a Politically Exposed Person (PEP) or connected to someone who is.
How do I know if I’m a PEP?
A PEP is someone who is, or was, in a position to influence politics or make significant economic or financial decisions.
If you are, or ever were, one of the following, you’re probably a PEP:
head of state, head of government, minister, and deputy or assistant minister
member of parliament, or of similar legislative bodies
member of the governing bodies of political parties
member of supreme courts, of constitutional courts, or of other high-level judicial bodies whose decisions are not generally subject to further appeal, other than in exceptional circumstances
member of courts of auditors, or of the boards of central banks
ambassador as well as other heads of diplomatic missions (i.a. councils), chargés d’affaires and high-ranking officers in the armed forces
member of the administrative, management, or supervisory bodies of state-owned enterprises
director, deputy director, and member of the board or equivalent function of an international organisation
person entrusted with a prominent function by the European Union, or another international organisation (members of senior management, or individuals entrusted with equivalent functions)
any other individual in senior positions holding prominent public functions who have the ability to influence politics, or make significant economic or financial decisions
Keep in mind: we may decide to consider you a PEP based on your specific position and our regulatory requirements, even if it's not mentioned on the above list.
How do I know if I’m connected to a PEP?
Our rule of thumb is if you think you’re connected to a PEP, you are.
We typically consider you connected to a PEP if you’re related to them, or work with them. Here are some general guidelines:
you’re their spouse, or civil partner
you’re their child
you’re their child’s spouse or civil partner
you’re their parent
you’re their sibling
you have joint beneficial ownership of a legal entity, or a legal arrangement, or any other close business relationship with a PEP
you have sole beneficial ownership of a legal entity, or a legal arrangement that is set up for the benefit of a PEP
What happens once I've been identified as a PEP?
We’ll review your account according to the regulatory requirements. We may get in touch to ask for more information and documents — for example, your proof of income, tax returns, and bank statements.
If I'm no longer in the PEP position, am I still a PEP?
Your PEP status doesn't expire immediately after you leave the PEP position. Different regulations apply, depending on your region and the PEP position you held.
When does my PEP title expire?
The expiration period starts from the day you leave the PEP position. It'll apply again if you assume another PEP position.