Common use of Politically Exposed Person Clause in Contracts

Politically Exposed Person. You must advise the Bank if you are, or become, a politically exposed person (“PEP”) or a senior foreign political figure (“SFPF”), or whether you, or a beneficial owner of an account or a legal entity customer, may be considered a PEP or an SFPF, or controlled by a PEP or an SFPF. The Bank reserves the right to not open or maintain accounts for a PEP or an SFPF. PEPs are individuals who are, or have been, entrusted with prominent public functions by a foreign country, domestically, or by an international organization, such as heads of state or of government, senior politicians, senior government, judicial, or military officials, senior executives of state-owned corporations, important political party officials, and senior management of an organization, and their family members who are related directly or through marriage or similar forms of partnership, and close associates, socially or professionally. An SFPF is a subset of a PEP and refers to a current or former senior official in the executive, legislative, administrative, military, or judicial branches of a foreign government, whether or not they are or were elected officials; a senior official of a major foreign political party; or a senior executive of a foreign government-owned commercial enterprise; a corporation, business, or other entity that has been formed by, or for the benefit of, any such individual; an immediate family member of any such individual; and a person who is widely and publicly known, or is actually known by the Bank, to be a close associate of such individual. An SFPF includes an individual with substantial authority over policy, operations, or the use of government-owned resources, and includes spouses, parents, siblings, children, and a spouse’s parents and siblings.

Politically Exposed Person. You must advise the Bank if you are, or become, a politically exposed person (“PEP”) or a senior foreign political figure (“SFPF”), or whether you, or a beneficial owner of an account or a legal entity customer, may be considered a PEP or an SFPF, or controlled by a PEP or an SFPF. The Bank reserves the right to not open or maintain accounts for a PEP or an SFPF. PEPs are individuals who are, or have been, entrusted with prominent public functions by a foreign country, domestically, or by an international organization, such as heads of state or of government, senior politicians, senior government, judicial, or military officials, senior executives of state-owned state‐owned corporations, important political party officials, and senior management of an organization, and their family members who are related directly or through marriage or similar forms of partnership, and close associates, socially or professionally. An SFPF is a subset of a PEP and refers to a current or former senior official in the executive, legislative, administrative, military, or judicial branches of a foreign government, whether or not they are or were elected officials; a senior official of a major foreign political party; or a senior executive of a foreign government-owned government‐owned commercial enterprise; a corporation, business, or other entity that has been formed by, or for the benefit of, any such individual; an immediate family member of any such individual; and a person who is widely and publicly known, or is actually known by the Bank, to be a close associate of such individual. An SFPF includes an individual with substantial authority over policy, operations, or the use of government-owned government‐owned resources, and includes spouses, parents, siblings, children, and a spouse’s parents and siblings.