PEP (Politically Exposed Person)
Someone who holds, or has held, a prominent public position, or is closely related to someone who does, and therefore carries a higher risk profile requiring enhanced due diligence.
A PEP is someone who holds, or has held, a prominent public role, or a close associate or family member of someone who does. FICA requires enhanced due diligence for PEP clients specifically because that kind of position carries a higher inherent risk of corruption-linked funds.
PEP status isn’t a red flag on its own (plenty of PEP-linked transactions are entirely legitimate), but it does mean standard CDD isn’t enough; screening and a documented risk assessment are.
See it in practice, not just in theory.
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