FIMBANK

A Global Force in
Trade Finance

Definitions

Politically Exposed Person
The term Politically Exposed Persons’ is broad and generally includes all persons who fulfil a prominent public function. These would include:

  • Heads of State, Heads of Government, Ministers and Deputy and Assistant Ministers and Parliamentary Secretaries;
  • Members of Parliament;
  • Members of the Courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
  • Members of courts of auditors, Audit Committees or of the boards of central banks;
  • Ambassadors, charge d’affaires and other high ranking officers in the armed forces; and
  • Members of the administration, management or boards of State-owned corporations.

The following immediate family members of the above persons are also PEPs:

  • The spouse, or any partner recognised by national law as equivalent to the spouse;
  • The children and their spouses or partners; and
  • The parents.

Persons known to be close associates are also regarded as PEPs. These include:

  • A natural person known to have joint beneficial ownership of a body corporate or any other form of legal arrangement, or any other close business relations with that PEP; and
  • A natural person who has sole beneficial ownership of a body corporate or any other form of legal arrangement that is known to have been established for the benefit of that PEP.

Source of Wealth Declaration
In order to comply with the Anti-Money Laundering legislative provisions, we require customers to provide us with a declaration regarding the source of wealth.

Examples of source of wealth include:

  • Employment/self-employment;
  • Asset management (such as properties, bonds, equities, etc.)

In the Source of Wealth Declaration you are also required to specify the total annual amount being received from salaries, capital (interest or profit), assets (rent or other), business proceeds or any other revenue.
The Annual Disposable Income instead is a separate figure which indicates the amount of money available for savings after deducting all your expenses. This figure reflects the amount of money that you are able to save on a yearly basis.