A Politically Exposed Person (PEP) is a natural person who is or who has been entrusted with prominent public functions and includes the following:
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 other high-level judicial bodies, 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, charges 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 institution of the European Union or any other international body.
No public function referred to in points (a) to (h) shall be understood as covering middle-ranking or more junior officials.
Identifying and monitoring PEPs is crucial for financial institutions to ensure compliance with international regulations and to mitigate potential risks associated with money laundering and corruption.
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