What is a PEP and why is it asked?

PEP (politically exposed person) means a person who holds or has held a prominent public function (e.g. ministers, MPs, senior officials, judges). The definition also covers close associates and family.

Truster is a payment institution supervised by the Financial Supervisory Authority and is bound by anti-money-laundering law. The law requires us to know our customers, which includes establishing PEP status. It's a statutory obligation that applies to all customers.