Politically Exposed Persons
Its directors and senior executives are politically exposed persons (PEPs) for up to one year after they have ceased to hold such positions. Their spouses and relatives (up to the second degree of consanguinity) are also considered PEPs. Therefore, banks, property brokers, currency exchange houses, among others, are required to report all transactions conducted with PEPs and raise the standards of requirements and authorizations for transactions involving PEPs.
- Source:
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Law N° 19,913. Unidad de Análisis Financiero (UAF). Instruction N° 49 of 2012 of the UAF.