Glossary · compliance
PEP
Also known as: Politically Exposed Person
- Definition
- A Politically Exposed Person is an individual who holds (or has held) a prominent public function — head of state, senior politician, senior judicial or military official, senior executive of a state-owned enterprise. Triggers Enhanced Due Diligence under SG AML / CFT.
PEP status is also extended to close family members and close associates of a PEP. Singapore banks must complete EDD on PEP clients including senior-management approval for relationship opening, enhanced ongoing monitoring, and additional source-of-wealth verification. Not a refusal trigger — many PEPs legitimately bank in Singapore — but a heightened scrutiny trigger.
Related
Looking for the full picture? See our deep-dive pages on Singapore private banking, family office Singapore, and the full glossary index.