Who are PEP?

A politically exposed person (PEP), as defined by the Financial Action Task Force (FATF), is “a person who is or has been entrusted with an important public function. It is believed that, by virtue of their position and influence, such persons may abuse their position to commit money laundering offenses and related predicate offences, including corruption and bribery, as well as activities related to the financing of terrorism. (...)". In addition,
PEPs include “individuals who are or have been entrusted with important public functions, as well as their family members and close associates, including both domestic and foreign PEPs.”