PEP stands for "politically exposed person" and its declaration refers to the people who are holding high public office. This is a standard KYC (Know Your Customer) procedure and an Anti-Money-Laundering precaution, as PEP can sometimes present a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold.
Note: PEP status also extends to relatives and close associates such as - a spouse, partner, children, and their spouses, partners or parents.
