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Politically Exposed Person

What is a Politically Exposed Person?

A “politically exposed person” is defined as someone who holds or has held at any time in the last 12 months a prominent public function including the following:  

  • heads of state, heads of government, ministers and deputy or assistant ministers   
  • members of parliament or of similar legislative bodies  
  • members of the governing bodies of political parties  
  • members of supreme courts, of constitutional courts or of any judicial body 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 organisation  

A “family member” is defined as:  

  • spouse, or civil partner  
  • children and their spouses or civil partner  
  • parents  

A “known close associate” is defined as:  

  • an individual known to have joint beneficial ownership of a legal entity or a legal arrangement or any other close business relationship with a politically exposed person   
  • an individual who has sole beneficial ownership of a legal entity or a legal arrangement that is known to have been set up for the benefit of a PEP  
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