A Politically Exposed Person (PEP) is a term used by financial institutions worldwide to describe someone who holds, or has held within the last 12 months, a prominent public position.
Because people in these high-profile positions have significant influence, Irish and EU financial regulations require banks to perform a few extra, standard compliance checks when they apply for savings accounts or deposit accounts.
Being designated as a PEP is entirely routine and is not a reflection of any wrongdoing—it simply means a partner bank will look over your application with a bit more detail.
Who falls under the PEP category in Ireland?
To give you a clearer idea, a person is generally considered a PEP if they hold any of the following roles in Ireland or abroad:
Political figures: Ministers, Ministers of State, TDs (Members of Dáil Éireann), Senators, and MEPs.
Judicial officials: Judges of the Supreme Court, Court of Appeal, High Court, or other high-level legal bodies.
Government and military officials: High-ranking military officers, ambassadors, or senior officials in central banks (such as the Central Bank of Ireland).
State-owned enterprises: Board members, directors, or senior managers of state-owned companies (e.g., ESB, An Post).
Does this apply to family members and close associates?
Yes. Under the law, the definition of a PEP also extends to immediate family members and close business associates, as they may also be linked to that public influence. This includes:
Family members: Spouses, civil partners, cohabitants, children, children’s spouses/partners, and parents.
Close associates: Anyone who has joint business ownership with a PEP, or who has close business relationships with them.
How long does someone remain a PEP?
Generally, once a person steps down from a prominent public role, they continue to be treated as a PEP for at least 12 months after leaving office, though individual partner banks may extend this period based on their own compliance guidelines.