A Quick Guide to a Foreign PEP

Discovered your client is a foreign PEP? Read this first

A foreign politically exposed person is an individual who matches the following description:

  • an individual who is or was formerly holding an important public position on behalf of a different state.

The following short list gives an example of individuals who are considered foreign politically exposed persons. In such case, their birthplace, residency or citizenship hold no importance.

  • a head of government;
  • an executive council of government or an equivalent corresponding to the Prime Minister, Minister or Deputy Minister;
  • a military ranked general or above;
  • a director of a central bank or a state-owned company;
  • a member of a legislative party;
  • etc

There is no coming back from becoming a foreign politically exposed person, it is a lifelong assignment and a rational concern for business partners.

Close attention must be paid to the foreign PEP family members as they expose you to the same problem if lacking proper customer risk assessment procedures and jeopardize your company’s future. This regards close relatives, spouses, parents, and children.

To shield oneself from an unfortunate media scandals or just negative references to your business there must be a constant thorough PEPs check. Sumsub KYC/AML solution knows how and where to screen for PEP profiles and negative news when your reputation is at stake.

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