As part of our standard verification process, we may ask you if you are a Politically Exposed Person (PEP). What does this mean, and how does this affect you?

A Politically Exposed Person (PEP) refers to:

A. an individual who is or has been entrusted with a prominent public function, either foreign or domestic, within a country or international organization, such as the following:

• Heads of State / Government: The chief public representative of a country, ceremonial figurehead or head of government such as a president, chancellor, premier, prime minister, monarch.
• Members of ruling royal families: Individuals who belong to the royal family that governs or influences the affairs of a state or territory. This includes positions such as kings, queens, princes, and princesses, as well as other hereditary members who hold significant power or authority in political, cultural, or social domains within their jurisdiction.
• Government ministers, cabinet members, parliament members or equivalent politicians: First-level executives who advise the government on policy matters, oversee the interpretation, formulation and implementation of legislation and government policies, such as a cabinet or parliament member, minister and their deputies, assistants, secretary, chief of staff.
• Senior government executives: Senior government officials or executives who manage a specific region or municipality or a specific sector of public administration. This may include a senior, regional, municipal official, mayor or commissioner.
• Diplomatic officials: High-ranking diplomats who represent a state are usually assigned to another sovereign state or to an international organization as the resident representative, such as an ambassador, attaché, diplomat, or chargés d’affaires.
• Honorary consuls: Individuals appointed to represent the interests of their country in a specific region without being full-time diplomats. They provide support to their home country and assist in promoting trade and cultural relations.
• Leader or senior officials of a political party: Official representatives, senior officials, or primary spokespersons of a political party that hold sway or influence in high-ranking government circles, capable of affecting policies and governmental decisions.
• Supreme/Constitutional Court Members and Other High-Level Judicial Officials: Senior members of a court charged with making decisions about legal matters, such as a magistrate, justice, chief judge, and other judges with extensive jurisdictional authority.
• Military Officials: Commissioned officers who are distinguished, senior military members, such as Generals, Lieutenants, or Major Generals.
• Heads of police and national security service: Individuals in charge of police forces or national security agencies, responsible for maintaining law and order and ensuring public safety. This may include positions such as the Chief of Police, Commissioner of National Police Services, or Director of National Security.
• Senior Public Officials and Heads of Public Utilities/Corporations: Individuals in high-ranking positions within government departments or public utility organizations, accountable for decision-making and policy implementation. This includes roles such as Ministers of Public Works, Heads of State-Owned Enterprises, or Directors of public corporations.
• Senior officials of Governmental Audit Bodies: Senior officials who oversee audit functions within government agencies, ensuring transparency, accountability, and compliance with financial regulations. This includes positions such as Auditor General and members of the Office of the State Auditor.
• Central bank governors: Members of the Board of Governors of a Central Bank charged with implementing the government’s monetary policy and issuing its currency.
• Senior Representatives of Religious Organizations: High-ranking individuals within religious organizations whose functions are connected with political, judicial, security, or administrative responsibilities, potentially impacting community relations and public policy.
• Board members or senior executives of an intergovernmental or state-owned corporation: Executive suite or board of directors members charged with the management of an international or state-owned enterprise, either wholly or partially owned by a government.
• Other: Refers to anyone exercising a function equivalent/similar to those set out above.

Typically, middle-ranking and junior officials are not considered PEPs.

B. an immediate family member of a person referred to in paragraph A, such as

• Spouse or Partner
• Child
• Parent or Parents-in-law in-law including stepfather, stepmother
• Spouse or Partner of Child
• Parent of Spouse or Partner
• Sibling (brother, sister, step-brother, step-sister, half-brother, half-sister)
• Sibling of Spouse or Partner
• Intermediate family member (uncles, aunts, cousins, grandparents
• Intermediate family member of Spouse or Partner

C. a person having legal arrangements or being closely associated with a person referred to in paragraph A, such as: 

• a person who is known to have joint beneficial ownership of a legal person, partnership, trust, or any other close business relations with a person referred to in paragraph (A);  
• a person who has sole beneficial ownership of a legal person, partnership or trust which is known to have been set up for the benefit of a person referred to in paragraph (A).

The definition provided above is neither complete nor exhaustive as regional nuances may apply.

What does this mean for you?

We are legally required to determine whether you are a Politically Exposed Person (PEP). This is a standard procedure for all clients. If we request this information, please respond promptly and truthfully to avoid potential account restrictions.

If you are a PEP but we have not asked you directly, you must inform us by emailing support@exness.com in accordance with our Client Agreement.

What if I am a PEP?

There is no cause for concern; we do not treat clients differently because of political connections. However, as part of our standard procedures, we may request additional information or documentation to verify your details. We will clearly communicate any next steps, and all decisions will follow our internal policies.

What if I have ceased to be a PEP? 

Even if you no longer hold a political position or your connection to a PEP has ended (e.g., due to divorce), you may still be classified as a PEP. Please share all relevant details with us so we can review them accordingly. Note that we may not be able to disclose the outcome of our assessment.

How do I know if I am a PEP?

Read the definition provided above. If you have any questions, please inform us via email at support@exness.com.

What if I don’t want to be considered a PEP?

Being classified as a PEP is based on your professional role, background, and connections—not personal preference.

What if I don’t want to reply to any question about PEP?

If you choose not to respond, we will be unable to complete our internal processes, and therefore, your account would be at risk of being temporarily or even permanently closed.

How do we handle personal information?

Our due diligence procedures are routine and apply to all clients equally. You can be assured that any information you share is treated with the highest level of confidentiality, in strict accordance with our Client Agreement and Privacy Policy. Your privacy and trust are our priority.