PEP

Politically Exposed Person

A PEP is an individual who holds, or has held, a prominent public function and is considered higher risk for corruption or bribery. Financial institutions apply additional controls when onboarding PEPs.

PEP status can also extend to close family members and associates. Banks typically perform enhanced due diligence and risk assessments for PEP accounts.

Related Terms

KYC

Know Your Customer

KYC is the process financial institutions use to verify the identity of their customers. It's a key ...

CDD

Customer Due Diligence

CDD is the process of identifying customers and assessing the risk of their financial activity. It i...

EDD

Enhanced Due Diligence

EDD is a higher level of scrutiny applied to customers or transactions that present greater risk. It...

AML

Anti-Money Laundering

AML refers to the laws, regulations, and procedures designed to prevent criminals from disguising il...

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