7. What is PEP? 8. Are only politicallly exposed person a threat or are there any other threats you can relate ?

Question

Accepted Answer

PEP stands for Politically Exposed Person. They are individuals who hold a prominent public position or have close associations with such individuals.

PEPs are considered high-risk customers due to their potential involvement in corruption, money laundering, and other financial crimes.
Examples of PEPs include government officials, heads of state, and senior executives of state-owned enterprises.
Other threats in the KYC process include individuals or entities involved in terrorism financing, organized crime, and fraud.
KYC analysts must conduct thorough due diligence on all customers to identify and mitigate potential risks.

Asked in KPMG India

7. What is PEP? 8. Are only politicallly exposed person a threat or are there any other threats you can relate ?

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