A Politically Exposed Person (PEP) is someone who holds or has held a significant public position or role. This includes people like heads of state, government officials, high-ranking military officers, senior executives of state-owned companies, and important political party officials.

A Relative or Close Associate (RCA) is someone closely connected to a PEP through family ties, business relationships, or personal connections. RCAs can include spouses, children, parents, siblings, close friends, or business partners of PEPs.

At Safello, we take extra care when dealing with PEPs and RCAs to ensure compliance with anti-money laundering (AML) regulations. This means we might perform a few extra steps during the onboarding process and throughout the ongoing business relationship.