The term Politically Exposed Person (PEP) is broad and generally includes all persons who fulfil a prominent public function. For the purposes of the definition of ‘political exposed persons’ –
A. The term ‘have been entrusted with prominent public functions’ shall include the following:
i. Heads of State, Heads of Government, Ministers and Deputy and Assistant Ministers and Parliamentary Secretaries;
ii. Members of Parliament;
iii. Members of the Courts or of other high-level judicial bodies whose decision are not subject to further appeal, except in exceptional circumstances;
iv. Members of courts of auditors, Audit Committees or of the boards of central banks;
v. Ambassadors, charges d’affaires and other high ranking officers in the armed forces;
vi. Members of the administrative, management or boards of State-owned corporations.
Where applicable, for the purposes of subparagraphs (i) to (v), shall include positions held at the Community or international level. But shall exclude middle ranking or more junior official positions.
B. The term ‘immediate family members’ shall include the following:
i. The spouse, or any partner recognized by national law as equivalent to the spouse;
ii. The children and their spouses or partners; and
iii. The parents.
C. The term ‘persons known to be close associates’ shall include the following:
i. A natural person known to have joint beneficial ownership of a body corporate or any other form of legal arrangement, or any other close business relations with that politically exposed person;
ii. A natural person who has sole beneficial ownership of a body corporate or any other form of legal arrangement that is known to have been established for the benefit of that politically exposed person.