A Politically Exposed Person (PEP) is an individual who holds, or has held, a prominent public function, and who may therefore present a higher regulatory risk under anti-money laundering (AML) rules.
This may include, for example:
senior political figures or government officials,
high-ranking members of the judiciary or armed forces,
senior executives of state-owned enterprises,
or individuals holding similar roles in international organizations.
Both domestic and foreign public functions, as well as certain roles in international organizations, may fall under the PEP definition.
Being classified as a PEP does not prevent you from using Bity’s services.
However, regulatory requirements may require additional information or verification steps as part of the onboarding or transaction review process.