What is a Politically Exposed Person (PEP)?
A Politically Exposed Person (PEP) is someone who holds – or has previously held – an important public position. Because of their role, they may be at higher risk of being targeted for bribery or corruption.
For this reason, Xe may need to make additional checks when working with PEPs and people closely connected to them.
A person can be considered a PEP in three ways:
1. The person holds (or has held) an important public role
This includes senior positions in the Republic of Lithuania, the European Union, or international/foreign institutions, such as:
- Heads of state or government
- Ministers, vice-ministers or deputy ministers
- Secretaries of state or chancellors of parliament, government or ministries
- Members of parliament
- Judges of supreme or constitutional courts
- Mayors or directors of municipal administration
- Board members of state-owned or municipal companies (where the state/municipality owns more than 50% of shares)
- Senior leaders of the army or armed forces
- Ambassadors and heads of diplomatic missions
- Leaders of international intergovernmental organisations
- Heads or senior management of political parties
If someone currently holds or previously held one of these roles, they may be considered a PEP.
2. Close family members of a PEP
The following relatives of a PEP are also treated as PEPs:
- Spouse or registered partner
- Parents
- Children and their spouses/partners
- Siblings
3. Close associates of a PEP
These are people who have a close business or personal relationship with a PEP, including:
- Anyone who is a business partner or has significant business ties with a PEP
- Anyone who is the sole beneficiary of a company or organisation that was created for the benefit of a PEP
What does it mean if I’m a PEP?
Being classified as a PEP is not negative, and it won’t stop you from using Xe. It simply means we may need to carry out a few additional checks. In some cases, we might ask you for extra information or documents to help us meet regulatory requirements and ensure the security of your money before we can process your transfer.