Politically Exposed Person
(PEP) Definition

Family Members and Close Associates

Immediate family members:

• The spouse or a person considered equivalent to a spouse of the PEP;
• The children of the PEP, and their spouses or persons considered equivalent to a spouse;
• The parents of the PEP.

Close associates:

• Any individual known to have joint beneficial ownership of legal entities or arrangements with a PEP;
• Any person having close business relations with a PEP;
• Any person who has sole beneficial ownership of a legal entity or arrangement set up for the benefit of a PEP.

Duration of PEP Status

A person shall continue to be treated as a PEP for a period of at least 12 months after the date they ceased to hold a prominent public function. The Company may determine to maintain the PEP status for longer if deemed necessary based on risk assessment.

Enhanced Due Diligence Measures

When establishing or continuing a business relationship with a PEP, SB Global Ltd shall:

1. Obtain approval from senior management before establishing or continuing such a relationship;
2. Take adequate measures to establish the source of wealth and source of funds;
3. Conduct enhanced, ongoing monitoring of the business relationship.

Record Keeping

All records relating to the identification and verification of PEPs, as well as the enhanced due diligence performed, shall be maintained for at least seven (7) years and made available to competent authorities upon request.