Politically Exposed Person (list)
A 'politically exposed person (PEP)' means an individual who has been entrusted with a prominent public position in a Government, a community institution, or an international body. The definition includes the immediate family members and close associates of such a person. Any business relationship with a politically exposed person (PEP) can be high risk because of their political power. In such situations the financial institution must perform enhanced due diligence and must:
- have management approval to establish the business relationship with that customer
- establish the source of funds involved in the occasional transaction
- conduct ongoing monitoring of transactions after the relationship has been established
Politically exposed person (PEP) lists and Transliteration
It happens quite often that a politically exposed person is written in a Non Latin character set. With TransLiteration it is easy to get his or her name into the Latin Character set. So it is now possible to search in the Latin Character set for this person in different 'Latin' databases.
Click for the online demonstration.