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Politically Exposed Persons (PEPs)

Politically Exposed Persons (PEPs) include the following natural persons:

  1. Natural persons who have or had been entrusted with prominent public functions in the Republic or in a foreign country:
    • heads of State, heads of government, ministers and deputy or assistant ministers;
    • members of parliaments;
    • members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
    • members of courts of auditors or of the board of central banks;
    • ambassadors, charges d’affaires and high-ranking officers in the armed forces;
    • members of the administrative, managements or supervisory bodies of State owned enterprises.
    None of the categories set out above shall be understood as covering middle ranking or more junior officials.
  2. Immediate family members of PEPs include the following persons:
    • the spouse;
    • any partner considered by national law as equivalent to the spouse;
    • the children and their spouses or partners;
    • the parents.
  3. Persons known to be “close associates” of a PEP:
      • any natural person who is known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations with a PEP or who is known to be connected with that PEP in any other close business relationship;
      • any natural person who has sole beneficial ownership of a legal entity (company) or legal arrangement (trust) which is known to have been set up for the benefit de facto of the PEP.