A PEP (politically exposed person) is any of: President, Prime Minister, Member of national legislature, Member of Royal Family, holder of senior appointment with international organisation, ambassador, chargé d’affaires, judge in court of appeal or higher court, member of court of auditors, member of board of central bank, member of board of management of state owned enterprise, holder of senior military rank (e.g. Field Marshal, General, Marshal, Air Chief Marshal or Admiral).
The Client is ‘associated with’ a PEP if the Client is acting on behalf of a PEP, or has a close family member (spouse or partner, parent, child, child’s spouse or partner) who is a PEP.
The Client is ‘in business’ with a PEP where they have joint ownership of a company or partnership or association, or where the PEP is a beneficial owner.