Frequently Asked Question
22. Who is considered a Politically Exposed Person (PEP), and why is it necessary for them to submit income proof when opening an account with Upmove?
Last Updated 8 months ago
Politically Exposed Persons (PEPs) are individuals who hold or have held significant public positions in a foreign country, such as heads of state or government, senior politicians, high-ranking government, judicial, or military officials, senior executives of state-owned enterprises, and important political party members.
When opening an account, it is required to disclose PEP status to the regulator and the exchanges. Clients must answer "Yes" or "No" to the question, "Are you a politically exposed person?" and select "Related to one" if a close relative is a PEP.