A politically exposed person (PEP) is someone entrusted with a public function, such as a politician or employee of a government agency. The term is sometimes inclusive of their relatives and close associates.
Banks and other financial institutions are supposed to treat PEP clients as high-risk clients for money laundering purposes, applying enhanced due diligence at both the inception of the relationship and on an ongoing basis to ensure that their financial resources do not represent the proceeds of corruption.
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