PEP status: Why is it mandatory?

Financial sector regulation and anti-money laundering legislation require us to know our customers' political exposure (PEP status). For a sole trader entrepreneur, this is part of the company's routine identification and statutory compliance.

Impact on your company's daily operations:

• Uninterrupted payment flow: By confirming your status, you ensure that your company account stays active and invoice payments are transferred to your account without manual review delays.
• Entrepreneur's responsibility: When operating as a sole trader, you are personally responsible for your company's information. This declaration is a quick way to fulfil the duty of care required by the banking and financial sector.
• Simple process: This is a one-time confirmation that doesn't require attachments or lengthy explanations.

Who is considered politically exposed?

‍Confirm that you are a PEP if:

• You hold a senior public position: e.g. board membership in state-owned companies, diplomatic duties, or political decision-making at the national level.
• Your close circle falls under the definition: A family member or close business partner of yours holds one of the positions mentioned above.