Has anyone ever done a transaction that included a Individual CDD Questionnaire?
One of the questions is asking the signer if they are a PEP - politically exposed person.
I asked about it when I saw it because in 5 years I’d never seen it. The bank responded I was to ask the questions fill out the answers and have the signer sign and then notarize.
The signer said “what’s a PEP” - great question. When I answered the signer said what does that mean. I said - you should call your lender I’m not the person to ask.
I looked it up today because I thought it was weird.
A PEP - I read the Wikipedia - seems like it’s a person who has a prominent public function who could be at risk of bribery or corruption.
I don’t think it’s in my wheelhouse to try and explain that term to a signer.
Anyone have experience with this questionnaire?