As a regulated financial institution, TransferGo is legally required to check whether our customers (or people close to them) hold a prominent public role. These checks are part of how we keep money safe and how payment providers are regulated across the UK, EU, and our other markets.
What does "politically exposed person" mean?
A PEP is someone who has been given a prominent public function. Examples include heads of state, government ministers, members of parliament, senior judges, ambassadors, senior military or police officials, central bank board members, senior executives of state-owned enterprises, and senior officials of major political parties or international organisations.
The role doesn't have to be current; someone is usually still considered a PEP for at least 12 months after leaving the position.
What about family and close associates?
PEP rules also apply to people closely connected to a PEP: spouses or partners, children and their partners, parents, and close business associates. If this applies to you, we may ask a few extra questions; it doesn't mean you've done anything wrong.
Why is TransferGo asking me?
Being a PEP (a family member or a close associate) doesn't stop you from using TransferGo. We just have to apply additional checks in line with anti-money-laundering regulations. It's a legal obligation, not a judgment.
What might I need to provide?
We may ask you to confirm:
- Whether you've held an elected, government, or state-enterprise position, and if so, the role and dates
- Whether you have a close family or business link to someone who has
- Your current job title and employer
We might also ask for documents showing your source of income or funds.
How long does it take?
Most reviews are completed within a few working days once we have what we need. Any information you share is handled in line with our Privacy Policy.