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Definition

A PEP refers to an individual who holds or has held a prominent public position or a position of influence, making them more susceptible to involvement in corruption or illicit activities.

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Who Qualifies as a PEP

The category encompasses high-ranking government officials, politicians, senior executives of state-owned enterprises, and individuals with close associations to such positions.

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Regulatory Importance

Enhanced due diligence measures are applied to prevent corruption, money laundering and other financial crimes when dealing with PEPs.