The closest thing to an international definition comes from the updated 2013 Financial Action Task Force on Money Laundering (FATF) standard. The term PEP is typically used referring to customers in the financial services industry, while ‘foreign official’ refers to the risks of third-party relationships in all industries. But there is no official global definition of a politically exposed person. The terms politically exposed person and senior foreign political figure are often used interchangeably, particularly in international forums. The financial community places a higher risk on PEPs because they may be a greater risk of exposure to corruption or bribery and money laundering by virtue of their position and their influence. Politically exposed persons are officials who have a prominent public function, such as a political office or senior appointment.
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