Politically Exposed Persons (PEP)

Politically Exposed Persons (PEPs) are individuals who hold prominent public positions or responsibilities, such as government officials, judges, or high-ranking military officers. Because of their roles, they may have greater risks of being involved in corruption or money laundering. Financial institutions and businesses often take extra precautions when dealing with PEPs, conducting more thorough checks to ensure compliance with regulations and to mitigate potential risks. This helps to promote transparency and prevent illicit financial activities associated with powerful individuals.