What are Politically Exposed Persons (PEPs) and Why Are Compliance Directives Important?

While there is no universally agreed upon definition of politically exposed persons, the global Financial Action Task Force (FATF) defines a PEP as an individual with substantial political influence or who fulfills a prominent public function. Many countries have initiated or are revisiting anti-corruption laws targeting PEPs and the impact of violating PEP laws can be extensive and costly.

Read more about compliance regulations concerning PEPs on the Descartes' blog.