I see you are asking about what is PEP in banking? I assume you may have come across the term PEP while checking out the news or checking out some articles on banking. If that is the case, let me break down the PEP meaning in banking in simple words.
Politically Exposed Persons is what is PEP stands for in banking. This type of person holds a prominent position or function in society. Because of their role, they may be more inclined to bribery, corruption, or other money laundering cases. This is why they are considered high-risk individuals by financial institutions.
Get home loans at the lowest interest rate through NoBroker Types of Politically Exposed Persons:Domestic PEPs: Domestic PEP is an individual who holds a prominent position in society domestically. This includes the Head of State or government, senior executives and financial regulators.
Foreign PEPs: Foreign PEP is a person who holds a prominent position in a foreign country. An example of foreign PEP can be the Head of State or government, senior executives and financial regulators of foreign countries.
International PEPs: The person who holds a prominent public position or function in an international organisation is known as international PEP. Any members from the board in an organisation and senior management positions can be an international PEP.
Family Members: Any individual who is related to a PEP can be considered a PEP themselves.
Close associates: Any individual who has a close relationship with PEP whether socially or professionally.
This was all about what is PEP in banking terms. Hope you find this information useful.
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What is PEP in banking?
Ham
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1 Year
2022-10-27T10:39:54+00:00 2024-01-31T12:14:01+00:00Comment
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