Definitions

  3. 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:

  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. Anyone exercising a function equivalent to those set out in paragraphs (a) to (f) above within an institution of the European Union or any other international body.
  8. Members of the administrative, management or supervisory bodies of state-owned companies and in each instance includes the following:
  9. 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

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

a. 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; or

b. A natural person who has sole beneficial ownership of a body corporate of other form of 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:

• Business Income (Profits/Dividends)
• Asset management (such as investments, properties, bonds, equities, etc.)
• Company sale
• Loans
• Property Sale
• Insurance Policies and settlements
• Retirement income

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 is indicative of the average annual financial surplus retained.