PEP stands for Politically Exposed Person. Someone is considered as a PEP when that person holds a senior political or official position. As a financial institution, Mollie is obligated to investigate whether a Politically Exposed Person is involved. When creating a Mollie account, you will be asked if you, one of your close family members or your business associates are politically exposed. If you answer this question with yes, you need to provide us with more information about this.
Examples of public positions:
- Heads of government
- Parliament members
- Ambassadors
- Directors of international organisations
Owners, directors and senior management of non-state owned businesses and organisations are not considered as politically exposed. Neither are celebrities or low level government officials. If a person is not active in public duty for a period of 12 months, they will no longer be considered a PEP.