Who is a PEP?
A politically exposed person (PEP) is defined by the Financial Action Task Force (FATF) as “an individual who is or has been entrusted with a prominent public function. Due to their position and influence, it is recognised that many PEPs are in positions that potentially can be abused for the purpose of committing money laundering offences and related predicate offences, including corruption and bribery, as well as conducting activity related to terrorist financing. (...)”. Also, the PEPs are “individuals who are, or have been, entrusted with prominent public functions and their family members and close associates, and includes both domestic and foreign PEPs”.
So we are legally obliged to establish whether you, as the customer, might have any political connection. Nothing to worry though, as “these requirements are preventive (not criminal) in nature, and should not be interpreted as stigmatising PEPs as such being involved in criminal activity”.
What does it mean to you?
If we establish that you are a PEP we will just ask you to do the source of funds check. It is not because we don’t trust you, we are just legally binded to do so, as a standard procedure.
What if I don’t want to be considered a PEP?
Unfortunately, it doesn’t solely depend on us or our judgement. We need to follow certain procedures and regulations. However, if you are considered an Associate PEP due to the proximity of your relationship with another person and that is no longer in place (for example, due to divorce or annulment) - then please let us know on chat and we will take that into consideration.
We won’t be able to let you know about the results of the investigation, but will record this and take it into the account.
- What if my account is blocked?
- I need to verify my source of funds
- Why is my business information being requested again?
- Why is Revolut asking me to provide information about the nature of my business activity?
- Why is Revolut asking for an operating address, if I have provided a registered address?
- Why is Revolut asking me to provide information about my shareholders?