Definition of PEP

A person entrusted with prominent public function as per the applicable EU legislation (DIRECTIVE (EU) 2015/849) includes:

1. politically exposed person, his/her family members or persons known to be close associates of such persons. It shall not include middle ranking or more junior officials.

‘Politically exposed person’ means a natural person who is or who has been entrusted with prominent public functions and includes the following:

1. heads of State, heads of government, ministers and deputy or assistant ministers;
2. members of parliament or of similar legislative bodies;
3. members of the governing bodies of political parties;
4. members of supreme courts, of constitutional courts or of other high-level judicial bodies, the decisions of which are not subject to further appeal, except in exceptional circumstances;
5. members of courts of auditors or of the boards of central banks;
6. ambassadors, chargés d'affaires and high-ranking officers in the armed forces;
7. members of the administrative, management or supervisory bodies of State-owned enterprises;
8. directors, deputy directors and members of the board or equivalent function of an international organization.

No public function referred to in points (a) to (h) shall be understood as covering middle-ranking or more junior officials;

‘Family members’ includes the following:

1. the spouse, or a person considered to be equivalent to a spouse, of a politically exposed person;
2. the children and their spouses, or persons considered to be equivalent to a spouse, of a politically exposed person;
3. the parents of a politically exposed person;

‘Persons known to be close associates’ means:

1. natural persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a politically exposed person;
2. natural persons who have sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a politically exposed person.