Politically Exposed Persons - Reibanq Overseas

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Politically Exposed Persons

If the Customer or beneficial owner is a politically exposed person, a family member of a politically exposed person, or a person considered to be a close associate of a politically exposed person, the following diligence measures are implemented in addition to the regular due diligence measures:

  • an approval from the senior management is required to establish or continue a Business Relationship with a Person;
  • the origin of the wealth of the Person is determined, as well as the sources of the funds used in the Business Relationship;
  • the Business Relationship is monitored in an enhanced manner.

If a politically exposed person no longer fulfils important public law functions, the risks still associated with the person are taken into account for at least 12 months and appropriate measures, depending on the risk sensitivity, are applied until it is sure that the risks inherent in politically exposed persons are no longer present with the Customer. The application of the due diligence measures specified in this clause is not necessary with politically exposed persons, their family members, or close associates if there are no other circumstances indicating a higher risk than usual.
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