Politically Exposed Persons
Under the Regulations the definition of PEP includes individuals who are or have been, within the last 5 years, entrusted with a prominent public function in a state both inside and outside of the UK. PEPs include (but are not limited to): heads of state, heads of government, ministers, and deputy or assistant ministers; members of parliament or similar legislative bodies; members of the governing bodies of political parties; 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; members of courts of auditors or of the boards of central banks; ambassadors, charges d'affaires and high-ranking officers in the armed forces; members of the administrative, management or supervisory bodies of State-owned enterprises; directors, deputy directors and members of the board or equivalent function of an international organization. Rules that apply for PEPs apply for their family members and close associates as well. Family members includes: the spouse, or a person considered to be equivalent to a spouse, of a PEP; the children and their spouses, or persons considered to be equivalent to a spouse, of a PEP; the parents of a PEP. Close associates are: natural persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a PEP; natural persons who have 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 PEP (EU Directive 2015/849). If you are a PEP please contact us by email [email protected].