Here is the rewritten article in markdown format:

Anti-Money Laundering Regulations: Key Definitions

=====================================================

The following excerpt from the anti-money laundering (AML) regulations in the “Islands” provides a breakdown of key definitions used throughout the regulations.

Definition of Terms

Politically Exposed Person (PEP)

A person who holds or has held a prominent public position, such as:

• Head of state
• Government minister
• Member of parliament

Close Associate

Someone who is closely connected to a PEP through business or personal relationships.

Competent Authority

Public authorities responsible for combating money laundering and terrorist financing in the Islands.

Connected Person

A person with significant control or ownership over a company, partnership, or unincorporated body carrying out relevant financial business.

Customer

An individual or entity in a business relationship or one-time transaction with a person carrying out relevant financial business in the Islands.

Designated Non-Financial Business and Profession (DNFBP)

A type of business or profession designated under Regulation 55A. (Note: The specific details of Regulation 55A are not provided in this excerpt.)

Established Business Relationship

A relationship where a person providing a relevant financial service has obtained satisfactory evidence of the identity of an applicant for business.

Clarity on Scope and Application

These definitions provide clarity on the scope and application of anti-money laundering requirements in the Islands.