As a regulated financial institution, we need to confirm some details about our customers before we can complete your transfer. This includes checking if you’re a Politically Exposed Person (PEP) or connected to someone who is.
How do I know if I’m a PEP?
A PEP is someone who holds, or held, a prominent political function or a public office. Individuals in scope must be in a position to influence politics, public agendas, or make significant economic or financial decisions that may impact the public.
The following functions sets out who Wise considers to be a PEP
Heads of state, heads of government, ministers, and deputy or assistant ministers
Governors of states or provinces
Members of parliament, or of similar legislative bodies
Members of the governing bodies of political parties
High-ranking officials in the national administration or executive branch (e.g. government or senior civil servants)
Members of supreme courts, of constitutional courts, or of other high-level judicial bodies whose decisions are not generally subject to further appeal
Members of courts of auditors, or of the boards of central banks
Senior diplomats, such as Ambassadors and other heads of diplomatic missions (i.a. councils), chargés d’affaires
Executive members of the administrative, management, or supervisory bodies of state-owned enterprises
High-ranking members of the armed forces
High-level representatives of religious organisations
Persons entrusted with prominent functions, such as Director-General, Director, deputy director, and member of the board or an equivalent function of an international or intergovernmental organisation (including NATO, UN, European Union)
Persons entrusted with prominent functions, such as Presidents and Vice Presidents, by an international sports organisation as recognised by the International Olympic Committee
We may decide to consider you a PEP based on your specific position and our regulatory requirements in your jurisdiction, even if it's not mentioned on the above list.
How do I know if I’m connected to a PEP?
Our rule of thumb is if you think you’re connected to a PEP, you are.
We typically consider you connected to a PEP if you’re related to them, or work with them. Here are some general guidelines:
you’re a spouse, or civil partner of a PEP
you’re a child of a PEP
you’re a child’s spouse or civil partner of a PEP
you’re a parent of a PEP
you’re a sibling of a PEP
you have joint beneficial ownership of a legal entity, or a legal arrangement, or any other close business relationship with a PEP
you have sole beneficial ownership of a legal entity, or a legal arrangement that is set up for the benefit of a PEP
In some countries and regions, local regulations require us to consider you to have a close connection to more distant family members.
What happens once I've been identified as a PEP?
We’ll review your account according to the regulatory requirements. This will include obtaining additional information about your income and how you intend to fund your activities through Wise. In some circumstances, we may ask you for documentary evidence, such as your proof of income, tax returns, and bank statements.
If I'm no longer in the PEP position, am I still a PEP?
Your PEP status doesn't expire immediately after you leave the PEP position. Different regulations apply, depending on your region and the PEP position you held.
When does my PEP title expire?
That depends on where you live. At Wise, we usually remove a customer’s PEP status 12 months after the customer left their PEP position. In some cases, this needs to be extended to up to 5 years based on local regulations. In limited cases, we are not authorised to remove a customer’s PEP status.
We can't give you a precise date, since this is not something we have control over.