Politically Exposed Person (PEP)
Person holding a prominent public function, or closely connected to one, who is treated as presenting elevated compliance risk.
- Category
- Business, Banking & Asset Protection
- Term
- Technical term
- Reading time
- 1 min
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- 21 terms
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01 · DEFINITIONWhat Politically Exposed Person (PEP) means
A Politically Exposed Person, or PEP, is an individual who holds, or has held, a prominent public function and is therefore considered to present elevated corruption or compliance risk. This can include ministers, senior civil servants, judges, military leadership, executives of state-owned enterprises, and often close family members or close associates. Banks and other regulated institutions usually apply enhanced due diligence measures to PEPs. The concept is therefore especially relevant in account opening, wealth verification, and cross-border compliance contexts.
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