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

  1. Heads of State, Heads of Government, Ministers and Deputy and Assistant Ministers and Parliamentary Secretaries;
  2. Members of Parliament or of similar legislative bodies;
  3. Members of the governing bodies of political parties;
  4. Members of supreme courts, of constitutional or other high-level judicial bodies, the decisions of which are not subject to further appeal, except in exceptional circumstances;
  5. Members of courts of auditors or of the boards of central banks
  6. Ambassadors, charge d’affaires and other high-ranking officers in the armed forces
  7. Members of the administrative, management or supervisory bodies of state-owned companies and in each instance includes the following:
  8. Family members of any of the above mentioned. This would include:

a. The spouse, or any partner equivalent to a spouse;

b. The children and their spouses, or persons considered to be equivalent to their spouses:

c. Parents

     ix. Persons known to be close associates.This would include: 

a. A natural person known to have joint beneficial ownership of legal entitiesor legal arrangements, or any other close business relations, with a politically exposed person;

b. A natural person who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de-facto benefit of a politically exposed person 

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

Examples of source of wealth include:

  • Employment/Self-employment
  • Inheritance
  • Gift
  • Business Income (Profits/Dividens)
  • Asset management (such as investments, properties, bonds, equities, etc.)

In the Source of Wealth Declaration customers will be 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.