Are you a Politically Exposed Person (‘PEP’)?
Definition of Politically Exposed Person (‘PEP’)
You are ‘Politically Exposed Person’ if you hold or held during the last twelve months any public position(s) and/or if you have any relationship (e.g. relative, associate) with a person who holds or held during the last twelve months any public position(s). For more details please read the definitions below.
1. POLITICALLY EXPOSED PERSON
The meaning ‘Politically Exposed Persons’ includes the following natural persons who are or have been entrusted with prominent public functions’ in Cyprus or abroad:
(a) heads of State, heads of government, ministers and deputy or assistant ministers;
(b) members of parliaments;
(c) members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
(d) members of courts of auditors or of the boards of central banks;
(e) ambassadors, chargés d'affaires and high-ranking officers in the armed forces;
(f) members of the administrative, management or supervisory bodies of State-owned enterprises.
None of the categories set out above should be understood as covering middle ranking or more junior officials.
Further, where a person has ceased to be entrusted with a prominent public function within the meaning of the above definition for a period of at least one year, such persons shall not be considered a Politically Exposed Person.
2. IMMEDIATE FAMILY OR CLOSE ASSOCIATES
Politically Exposed Persons are also the immediate family members of such persons as set out under Definition 1, which means:
(a) the spouse or the person with which cohabit for at least one year;
(b) the children and their spouses or the persons with which cohabit for at least one year;
(c) the parents
Politically exposed persons are also persons known to be close associates of such persons as set out under Definition 1, which means:
(a) Any natural person who is known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a person referred to in Definition 1;
(b) Any natural person who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the benefit de facto of the person referred to in Definition.