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Politically Exposed Person (PEP)
A Politically Exposed Person (PEP) is an individual who holds or has held a prominent public position or role, such as a government official, senior executive of a state-owned corporation, or a high-ranking political party member. Due to their position and influence, PEPs are often considered high risk for potential involvement in corruption and money laundering activities.
Financial institutions and businesses must perform enhanced due diligence (EDD) when dealing with PEPs to mitigate associated risks. This includes thorough identity verification, continuous monitoring of transactions, and additional scrutiny of financial activities to detect and prevent money laundering and corruption.
Compliance with regulatory requirements for identifying and managing PEPs helps organizations protect themselves from legal and reputational risks.
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