KYC

Politically Exposed Person Check

With a list of key individuals within your counterparty, a Politically Exposed Persons Check can be done to ensure that they are not included in any databases containing PEPs. To comply with Anti-Money Laundering AML regulation (specifically a Financial Action Task Force (FATF) recommendation), it is a legal requirement to ask about PEPs, so most KYC questionnaires will explicitly ask their counterparties if they have any senior officers who are PEPs or who are related to a PEP. This can also be known as a PEP Screening.

Recommendations

This might interest you:

Explore other KYC terminology in Avallone's KYC dictionary.