What are PEPs and Sanctions, and why are they important for ID verification?

PEPs, or Politically Exposed Persons, are individuals who hold prominent public positions or have a high-risk status due to their potential involvement in financial crimes. Sanctions refer to measures that restrict financial transactions with certain individuals or entities for legal and security reasons. As part of our KYC process, we check for PEPs and Sanctions to ensure that our platform remains safe and compliant.