What is a PEP and why do I need to declare it?

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What is a PEP and why do I need to declare it?

A PEP is a politically exposed person. This is someone who has been entrusted with prominent public functions in a country or territory. Under anti-money laundering regulations, we are required to ascertain from all users whether they are classed as a PEP.     

If you are unsure how to answer, please contact support@instapass.io for assistance.

Examples of who might be classed as a PEP:

  • Heads of state, heads of government, ministers, and deputy or assistant ministers
  • Members of Parliament
  • Members of courts of auditors or of the boards of central banks
  • Ambassadors, chargés d’affaires and high-ranking officers in the armed forces
  • Members of the administrative, management or supervisory bodies of state-owned enterprises
  • Members of supreme courts, constitutional course or other high-level judicial bodies whose decisions are not generally subject to further appeal, except in exceptional circumstances
  • Senior executives, including directors, deputy directors and members of the board, or equivalent of state-owned corporations

PEPs also include:

  • The person’s family members
  • Close business associates
  • Beneficial owners of the person’s property (someone who enjoys the benefits of ownership even though the title of the property is in another person’s name)