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PEP (Politically Exposed Person) – definition and declaration requirement

Written by Panika Chamnithurakan

Updated: 2026-07-01 10:39:14

A PEP (Politically Exposed Person) is an individual who holds a prominent public position, such as in state administration, government, or public institutions, as well as their close associates and family members.

A PEP declaration is required because financial institutions, such as XTB, are obligated to apply anti-money laundering procedures. PEP status is associated with a potentially higher risk of corruption and financial crime, which is why additional verification measures are necessary in such cases.

Submitting this declaration does not impose any restrictions on the client — it is solely intended to meet legal requirements and safeguard the integrity of the financial system.

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PEP (Politically Exposed Person) – definition and declaration requirement

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