Post by ComfortZone on May 12, 2024 9:05:02 GMT 12
Is this an example of the future for all of us?
Partner and I have a joint account with an online financial transfer platform (not registered as a bank) for day to day expenditure and we each have a debit card.
Went to make a few minor purchases yesterday morning and 3 times declined. Did not have phone with us to verify the balance was OK, but on return home and checking the account we found the message we needed to confirm yes/no as to whether we were a "PEP" per the following before we could continue to use the account
"What's a Politically Exposed Person (PEP)?
As a regulated financial institution, sometimes we need to confirm some details about you before we can complete your transfer. We’ll need to know 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 is, or was, in a position to influence politics or make significant economic or financial decisions.
If you are, or ever were, one of the following, you’re probably a PEP:
• head of state, head of government, minister, and deputy or assistant minister
• member of parliament, or of similar legislative bodies
• member of the governing bodies of political parties
• member of supreme courts, of constitutional courts, or of other high-level judicial bodies whose decisions are not generally subject to further appeal, other than in exceptional circumstances
• member of courts of auditors, or of the boards of central banks
• ambassador as well as other heads of diplomatic missions (i.a. councils), chargés d’affaires and high-ranking officers in the armed forces
• member of the administrative, management, or supervisory bodies of state-owned enterprises
• director, deputy director, and member of the board or equivalent function of an international organisation
• person entrusted with a prominent function by the European Union, or another international organisation (members of senior management, or individuals entrusted with equivalent functions)
• any other individual in senior positions holding prominent public functions who have the ability to influence politics, or make significant economic or financial decisions
Keep in mind: we may decide to consider you a PEP based on your specific position and our regulatory requirements, 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 their spouse, or civil partner
• you’re their child
• you’re their child’s spouse or civil partner
• you’re their parent
• you’re their sibling
• 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
What happens once I've been identified as a PEP?
We’ll review your account according to the regulatory requirements. We may get in touch to ask for more information and documents — for example, 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?
The expiration period starts from the day you leave the PEP position. It'll apply again if you assume another PEP position.
Like WTF, we just wanted to buy some coffees and groceries, and even if you are a PEP what does it have to do with the financial institution??
Hearing more and more remarks from people that their banks are interrogating them on intended use of their money when making withdrawals.
This is just encouraging us to use cash more, which is a good thing! We are going to close the account!
Partner and I have a joint account with an online financial transfer platform (not registered as a bank) for day to day expenditure and we each have a debit card.
Went to make a few minor purchases yesterday morning and 3 times declined. Did not have phone with us to verify the balance was OK, but on return home and checking the account we found the message we needed to confirm yes/no as to whether we were a "PEP" per the following before we could continue to use the account
"What's a Politically Exposed Person (PEP)?
As a regulated financial institution, sometimes we need to confirm some details about you before we can complete your transfer. We’ll need to know 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 is, or was, in a position to influence politics or make significant economic or financial decisions.
If you are, or ever were, one of the following, you’re probably a PEP:
• head of state, head of government, minister, and deputy or assistant minister
• member of parliament, or of similar legislative bodies
• member of the governing bodies of political parties
• member of supreme courts, of constitutional courts, or of other high-level judicial bodies whose decisions are not generally subject to further appeal, other than in exceptional circumstances
• member of courts of auditors, or of the boards of central banks
• ambassador as well as other heads of diplomatic missions (i.a. councils), chargés d’affaires and high-ranking officers in the armed forces
• member of the administrative, management, or supervisory bodies of state-owned enterprises
• director, deputy director, and member of the board or equivalent function of an international organisation
• person entrusted with a prominent function by the European Union, or another international organisation (members of senior management, or individuals entrusted with equivalent functions)
• any other individual in senior positions holding prominent public functions who have the ability to influence politics, or make significant economic or financial decisions
Keep in mind: we may decide to consider you a PEP based on your specific position and our regulatory requirements, 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 their spouse, or civil partner
• you’re their child
• you’re their child’s spouse or civil partner
• you’re their parent
• you’re their sibling
• 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
What happens once I've been identified as a PEP?
We’ll review your account according to the regulatory requirements. We may get in touch to ask for more information and documents — for example, 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?
The expiration period starts from the day you leave the PEP position. It'll apply again if you assume another PEP position.
Like WTF, we just wanted to buy some coffees and groceries, and even if you are a PEP what does it have to do with the financial institution??
Hearing more and more remarks from people that their banks are interrogating them on intended use of their money when making withdrawals.
This is just encouraging us to use cash more, which is a good thing! We are going to close the account!
