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Politically Exposed Person (PEP)

Foreign PEPs

Individuals who are or have been entrusted with prominent public functions by a foreign country, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials.

Domestic PEPs

Individuals who are or have been entrusted domestically with prominent public functions as listed in Appendix E of the Guernsey Financial Services Commission Handbook on Countering Financial Crime and Terrorist Financing.

International Organisation PEPs

Persons who are or have been entrusted with a prominent function by an international organisation, refers to members of senior management or individuals who have been entrusted with equivalent functions, i.e. directors, councillors and members of the board or equivalent functions.

Family members

Individuals who are related to a PEP.  This can be either directly (consanguinity) or through marriage or similar (civil) forms of partnership.

Close associates

Individuals who are closely connected to a PEP. This can include a close business relationship or someone who is in a position to conduct substantial financial transactions on behalf of a PEP.

PEP definitions as per GFSC Guidance – Handbook on Countering Financial Crime and Terrorist Financing – Chapter 8