Do you consider yourself to be a Politically Exposed Person* (PEP)?
*Politically Exposed Persons (PEPs) are individuals who are or have been entrusted with prominent public functions, their immediate family members, or known close associates.
PEPs are seen to pose a higher risk of money laundering than non-PEPs as their position potentially leaves them more vulnerable to corruption (bribery, embezzlement etc.). PEP status itself does not in any way incriminate individuals or entities; it does, however, put them into this higher risk category.
An individual ceases to be considered a PEP one year after he or she has left office.
Examples of prominent public functions include:
- Head of state, head of government, minister and deputy / assistant minister
- Member of parliament
- Member of supreme court, constitutional court or other high level judicial bodies whose decisions are not generally subject to appeal
- Member of courts of auditors or of boards of central banks
- Ambassadors, charges d’affaires and high-ranking officers in armed forces
- Member of administrative, management or supervisory boards of State-owned enterprises
Family members include individuals who are related to a PEP either directly (blood relatives) or through marriage or similar (civil) forms of partnership.
Examples of known close associates include:
- Any individual who has joint beneficial ownership of a legal entity or legal arrangement, or any other close business relations, with the PEP;
- Any individual who has sole beneficial ownership of a legal entity or legal arrangement set up for the actual benefit of the PEP.
If you belong to any of the above categories you are considered to be a Politically Exposed Person (PEP).
Blenheim Global Assets is required to take steps to determine whether or not a client (or a beneficial owner connected with the client or service concerned) is a PEP, an immediate family member, or a close associate, of a PEP. As a result some client may be required to provide additional information and/or documentation to Blenheim Global Assets.