PEP (politically exposed person)

What is a PEP?

PEP stands for politically exposed person (Swedish: person i politiskt utsatt ställning). It is a natural person who holds or has held an important public function, such as head of state, minister, member of parliament or judge of a supreme court. Family members and known close associates are also covered.

PEPs and customer due diligence

Under anti-money laundering rules, banks and other obliged entities must check whether a customer or its beneficial owner is a PEP and, if so, apply enhanced know-your-customer measures. An up-to-date share ledger makes it easier to show who owns the company.