Multiple choice general knowledge

To encourage KYC (Know Your Customer) norms , the Insurance Regulatory and Development Authority (IRDA) has asked insurance companies to be more cautious while concluding contracts with high risk customers, particularly PEPs. What is PEP here ?

  1. Privately Employed People

  2. Politically Exposed Persons

  3. Public Enterprise People

  4. None of above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In financial regulations and KYC compliance, PEP stands for Politically Exposed Person. These are individuals who have been entrusted with prominent public functions, making them a higher risk for potential money laundering or bribery.

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