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Who is a Politically Exposed Person (PEP)?

Politically Exposed Person PEPs are “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”.

PEPs can hold a position in either a government or other large organizations and institutions.

Please find a list of examples below:

  1. heads of State, heads of government, ministers and deputy or assistant ministers;
  2. members of parliament or of similar legislative bodies;
  3. members of the governing bodies of political parties;
  4. 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;
  5. members of courts of auditors or of the boards of central banks;
  6. ambassadors, chargés d'affaires and high-ranking officers in the armed forces;
  7. members of the administrative, management or supervisory bodies of State-owned enterprises;
  8. directors, deputy directors and members of the board or equivalent function of an international
    organisation.

No public function referred to in points (1) to (8) shall be understood as covering middle-ranking or more junior officials

Relative to a Politically Exposed Person (PEP)

Related party to a politically exposed person/family members: A politically exposed person's spouse, registered partner, sexual partner, cohabitant or parents as well as children and their spouses, registered partners or cohabitants.

Close partner/associate to a politically exposed person:

  • a natural person who is the beneficial owner of a business or other legal person jointly with one or more politically exposed persons;
  • a natural person who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a politically exposed person;
  • a natural person who is known to have any other close business relationship, with one or more politically exposed persons.

At Transfi, we are legally obliged to establish whether you, as a user, might have any political connection. Consequently, if you are a PEP or an immediate family member who is a PEP, we will simply ask you to do an additional source of funds check which is part of the standard procedures on handling PEPs.

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