Politically Exposed Persons (PEPs)

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:

(a) heads of state, heads of government, ministers and deputy or assistant ministers;

(b) members of parliament or of similar legislative bodies;

(c) members of the governing bodies of political parties;

(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;

(e) members of courts of auditors or of the boards of central banks;

(f) ambassadors, chargé(e)s d’affaires and high-ranking officers in the armed forces;

(g) members of the administrative, management or supervisory bodies of State-owned enterprises;

(h) 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) a spouse or civil partner of the PEP;

(b) children of the PEP and the spouses or civil partners of the PEP’s children;

(c) parents of the PEP;

What counts as a close associate of a PEP?

A known close associate of a PEP means—

(a) 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;

(b) 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.