It is the policy of Euro Pacific Bank to identify individuals that may be politically exposed also known as “PEP’s”. A politically exposed person is an individual who is or has been entrusted with a prominent public function in a domestic or foreign government.
An individual is considered as an immediate family member, or close associate and yourself. This also includes but is not limited to your spouse, mother or father, child, brother or sister and half-brother or half-sister, mother or father of spouse, or Financial Advisor.
If you, any immediate family member, or close associate are currently or have formerly been any of the following, whether exact or similar in title, position or function, you may be classified as a Politically Exposed Person.
A person can be regarded as a PEP if they fall into any of the following categories:
- Legislative Body – Members of parliament (or similar legislative bodies), members of the governing bodies of political parties
- Executive Body – Heads of state, heads of government, ministers, deputy ministers, and assistant ministers
- Central Financial Auditors – Members of courts of auditors or of the boards of central banks
- Judicial Body – Members of supreme courts, constitutional courts, or other high-level judiciaries
- Armed Forces – High-ranking officers
- Diplomatic Body – Ambassadors, chargés d’affaires International Organisations Directors, deputy directors, and members of the board (or equivalent function) of an international organisation
- State-Owned Enterprises – Members of the administrative, management, or supervisory bodies
- Known Close Associates of PEPs – Close business relations or joint beneficial owners of legal entities or legal arrangements, sole beneficial owners of legal entities, which are set up for benefit de facto of the PEP
- Immediate Family Members of PEPs – Parents and children, siblings, spouses/partners, in-laws, uncles and aunts
Please be aware that this list may not be exhaustive, as individual circumstances differ, each case will be assessed independently.