NOTICE ON THE STATUS OF POLITICALLY EXPOSED PERSONS (PEP)

NOTICE ON THE STATUS OF POLITICALLY EXPOSED PERSONS (PEP)

According to the provisions of Law No. 9917 dated 19.5.2008, “For the Prevention of Money Laundering and Financing of Terrorism”, amended, Politically Exposed Persons are considered to be:

individuals, who are obliged to declare their assets in accordance with the legislation in force for the declaration and control of assets, financial obligations of elected officials and some public servants, with the exception of middle or low-level employees managers, regardless of whether they have the obligation to declare according to the legislation in force for the declaration and control of assets, financial obligations of elected officials and some public servants;

individuals, who have or had important functions both inside the country or abroad in a government and/or in a foreign country, such as: head of state and/or government, ministers, deputy ministers or similar positions, members of the Assembly or similar legislative bodies, senior politicians, members of the governing bodies of political parties, judges of high or constitutional courts, as well as any judge of a court whose decisions cannot be exercised by the usual means of appeal, members of central banks’ management bodies, ambassadors and chargé d’affaires, as well as officers with major rank in the Armed Forces, senior managers and/or members of management bodies of state-owned companies, as well as directors, deputy directors or members of board or any other similar position in an international organization.

Family members of the politically exposed person listed below are also considered to be PEPs:

the spouse or cohabitant of a politically exposed person;
children and their spouses or cohabitants of a politically exposed person;
parents of a politically exposed person.

Persons connected in close personal, work or business relationships of the politically exposed person, as listed below, for the purposes of the law are also considered to be PEPs:

individuals who are joint beneficial owners in legal entities or legal organizations or any other close business relationship with a politically exposed person;
persons who are the beneficial owners of a single legal entity or legal organization, which is known to have been created for the de-facto benefit of a politically exposed person.