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Who is a politically exposed person (PEP)?
Who is a politically exposed person (PEP)?
This article describes who is a PEP
Lillemor Levin avatar
Written by Lillemor Levin
Updated over a week ago

Politically Exposed Person (PEP)

As part of our KYC process, we need to know if you are, or have been, a person in a politically exposed position (PEP) or if you are a family member or employee of such a person.

Who is a PEP?

A PEP is a person in a politically vulnerable position who has or has had important public functions in a state or in an international organization. Examples of people in a politically vulnerable position:

  • The head of state

  • Members of Parliament

  • The Prime Minister and other ministers in the government office

  • Judge in the Supreme Court and the Supreme Administrative Court

  • The Auditor General

  • The Riksbank's Executive Board

  • Ambassadors

  • Senior officers (general, lieutenant general, major general, admiral, vice admiral and rear admiral)

  • CEO or board member in state-owned companies

  • Person in the management of an international organization (board members, general secretary, etc.)

  • Member of political party board

Family members and employees are also covered

We must also know which investors are family members and known associates of a person in a politically vulnerable position.

Family members

  • Spouse, registered partner, cohabitant

  • Children and their spouses

  • Registered partners or cohabitants

  • Parents

Known employee

  • Person who together with a person in a politically exposed position owns or otherwise has controlling influence over a company.

  • Person who otherwise has or has had a close relationship with a person in a politically vulnerable position. It does not have to be a business relationship.

  • Person who alone owns or exercises influence over a company that has actually been formed for the benefit of a person in a politically vulnerable position.

Business

If the customer is a company, the bank must check who directly or indirectly, alone or together with close relatives, exercises ultimate control over the company and whether this person has a politically exposed position, or has a family member or known employee in such a position.

For additional information, please read here.

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