A politically exposed person (PEP) is someone who holds or has held a prominent public position, or a family member or close associate of one. PEPs are not barred from investing but are subject to enhanced due diligence because of the higher risk of corruption-related funds.
PEP screening runs at onboarding and continuously thereafter against commercial databases. A PEP match triggers enhanced checks on source of wealth and senior-management approval before the investor is accepted.
Status can change: an investor who takes public office after subscribing becomes a PEP, which is why screening is ongoing rather than one-off.
POD screens investors and managers' principals for PEP status at onboarding and on an ongoing basis. [CONFIRM: screening cadence.]
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