Politically Exposed Persons (PEPs): Difference between revisions

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Bittylicious requires its customers to disclose whether they are a Politically Exposed Person (PEP) or a family member or close associate of a PEP.
Bittylicious requires its customers to disclose whether they are a Politically Exposed Person (PEP) or a family member or close associate of a PEP.


A PEP is an individual who is entrusted with prominent public functions, other than as a middle-ranking or more junior official. This includes:
==What is a PEP?==


(a) heads of state, heads of government, ministers and deputy or assistant ministers;
A PEP is an individual who is entrusted with prominent public functions, other than as a middle-ranking or more junior official. This includes, but is not limited to:


(b) members of parliament or of similar legislative bodies;
* 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, chargé(e)s 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.


(c) members of the governing bodies of political parties;
==What counts as a family member of a PEP?==


(d) 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;
A family member of a politically exposed person includes:


(e) members of courts of auditors or of the boards of central banks;
* a spouse or civil partner of the PEP;
* children of the PEP and the spouses or civil partners of the PEP’s children;
* parents of the PEP;


(f) ambassadors, charges d’affaires and high-ranking officers in the armed forces;
==What counts as a close associate of a PEP?==


(g) members of the administrative, management or supervisory bodies of State-owned enterprises;
A known close associate of a PEP includes—


(h) directors, deputy directors and members of the board or equivalent function of an international organisation.
* an individual known to have joint beneficial ownership of a legal entity or a legal arrangement or any other close business relations with a PEP;
 
* an individual who has sole beneficial ownership of a legal entity or a legal arrangement which is known to have been set up for the benefit of a PEP.
A family member of a politically exposed person includes—
* an individual having power to direct the activities of a customer
 
(I) a spouse or civil partner of the PEP;
 
(ii) children of the PEP and the spouses or civil partners of the PEP’s children;
 
(iii) parents of the PEP;
 
A known close associate of a PEP means—
 
(I) an individual known to have joint beneficial ownership of a legal entity or a legal arrangement or any other close business relations with a PEP;
 
(ii) an individual who has sole beneficial ownership of a legal entity or a legal arrangement which is known to have been set up for the benefit of a PEP.

Latest revision as of 17:16, 1 January 2021

Bittylicious requires its customers to disclose whether they are a Politically Exposed Person (PEP) or a family member or close associate of a PEP.

What is a PEP?

A PEP is an individual who is entrusted with prominent public functions, other than as a middle-ranking or more junior official. This includes, but is not limited to:

  • 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, chargé(e)s 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.

What counts as a family member of a PEP?

A family member of a politically exposed person includes:

  • a spouse or civil partner of the PEP;
  • children of the PEP and the spouses or civil partners of the PEP’s children;
  • parents of the PEP;

What counts as a close associate of a PEP?

A known close associate of a PEP includes—

  • an individual known to have joint beneficial ownership of a legal entity or a legal arrangement or any other close business relations with a PEP;
  • an individual who has sole beneficial ownership of a legal entity or a legal arrangement which is known to have been set up for the benefit of a PEP.
  • an individual having power to direct the activities of a customer
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