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What is PEP?

What is PEP?

Sanne Holmvang

Marketing Manager, Denmark

When you receive a loan offer from Qred, you will be asked if you are a PEP - Politically Exposed Person. In this blog post, we will explain why we ask this question and what it means to be a politically exposed person (PEP).

Why does Qred ask if you are a PEP when taking out a business loan?

According to the Danish Money Laundering Act, Qred is obliged to obtain information to determine whether the Customer, or the beneficial owner, is a politically exposed person (PEP).

What is PEP - Politically Exposed Person?

Politically Exposed Persons (PEPs) are individuals who hold a particular public office of trust and as a result may be susceptible to bribery and other corruption.

Examples of special public trusts:

  • Head of State, Head of Government, Minister and Deputy or Assistant Minister, (ii) Member of Parliament
  • Supreme Court judge, member of constitutional courts and other high courts
  • Member of audit courts
  • Member of the central bank board
  • Ambassador or chargés d'affaires
  • High-ranking officers in the armed forces
  • Member of administrative, management or controlling bodies of state-owned enterprises

Qred is also obliged to obtain information if the Customer is a family member or close business partner of a politically exposed person

Immediate family members are defined as:

  • Spouses
  • Registered partners
  • The children of the persons referred to in points 1 and 2
  • The parents of the persons referred to in points 1 and 2

Close business partners are defined as:

  • Persons who hold title to legal entities and legal arrangements or who otherwise have close business relations with a person who holds or has held a high public office.
  • Persons who hold title to a legal entity or arrangement created for the benefit of a person who holds or has held a high public office.

If a person has not held a high-level profession for at least one year, they are no longer considered a politically exposed person.

Should you mark yourself as a PEP or not?

For you, this means that if you, as a business owner, also hold a public office (see examples outlined above), or a close family member and/or close business partner does, then you need to mark yourself as a PEP. If this is not the case, leave the box unchecked.

Are you unsure? Contact our customer service at 89 87 10 10 06.

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