Who is Politically Exposed Person (PEP) and Why they matter?

Kyc/aml Guide25 Jan, 2023Miscellaneous

A Politically Exposed Person (PEP) is a high-ranking public official or their family members, who may pose a higher risk for corruption or bribery. They matter because financial institutions are required to conduct enhanced due diligence on PEPs to prevent money laundering and other financial crimes.