In the context of financial regulation, a politically exposed person (PEP, also known as person with public responsibility) is a term that describes someone who has been entrusted with a prominent public responsibility.

The Financial Action Task Force of Latin America (GAFILAT) considers PEPs to be "individuals who hold or have held prominent public positions in a foreign country, for example, Heads of State or Government, senior politicians, senior government, judicial or military officials, senior executives of their own companies or important officials of political parties" (GAFILAT, 2020).

In other words, an individual designated as a PEP is anyone who is or has been a high-level political figure, a senior official of a state, legislative, judicial, or military body, a high-level member of a political party, or a high-level executive of a corporation owned by a State.

They will also be considered a PEP by their close relatives (parents, siblings, spouses, children), collaborators, or beneficiaries of the same corporation. In general, a PEP is any person who holds or has held public positions listed in local, national, and international regulations, including those mentioned by proximity, affinity, familiarity, or consanguinity.

What is this information for?

So that you know what we mean by this term when we perform the verification process of your account, since we will ask you for this information through a sworn statement that you must answer according to your current condition, which may result in the request for more information about it.