What is PEP?

As defined by the Financial Action Task Force (FATF): a PEP (politically exposed person) is an individual who is or has been entrusted with a prominent public function.

As there are several potential risks associated with PEPs, additional preventative measures (such as ID verification) help a business comply with (inter)national anti-money laundering (AML), counter-terrorist financing (CFT) and other know your customer (KYC) regulations. 

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