Fiatside

Compliance and law

PEP (politically exposed person)

A person holding or having held a prominent public function, subject to enhanced due diligence.

The status extends to close family members and to persons known to be closely associated. It implies no suspicion: it triggers enhanced due diligence, particularly on the source of wealth and of funds.

Those measures are applied systematically, without case-by-case judgement on the merits. Refusing to supply the requested items prevents the relationship from starting, however good the file is otherwise.