We are legally required to check if the company using our service has any politically exposed people.(Act on Detecting and Preventing Money Laundering and Terrorist Financing 503/2008, 20 §).
Politically exposed person means a natural person who is or who has been entrusted with prominent public functions in the last 12 months:
a) a head of State, head of government, minister, deputy or assistant minister; b) a member of parliament; c) a member of the governing bodies of political parties; d) a member of supreme courts, constitutional courts or other corresponding judicial bodies whose decisions are not subject to appeal, except in exceptional cases; e) a member of courts of auditors or of the highest decision-making bodies which audit the financial management of the State and are equivalent to national audit offices; f) a member of the boards of directors of central banks; g) an ambassador or chargé d’affaires; h) an officer in the armed forces holding the rank of general or higher; i) a member of the administrative, management or supervisory bodies of wholly state-owned enterprises; or j) a director, deputy director or member of the board of an international organisation.
A person can be politically exposed either through their own position or the position of a family member. The following individuals are considered to be related to the beneficial owner:
- the spouse, or any partner considered by the national law of the country concerned equivalent to the spouse, of a politically exposed person
- the children and their spouses, or above mentioned partners, of a politically exposed person
- the parents of a politically exposed person
- associates of a politically exposed person