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Global PEP List – Politically Exposed Persons
 

"Politically Exposed Persons" (PEPs) are considered high risk in today's regulatory environment. Regulation requires enhanced due diligence when conducting business with Politically Exposed Persons, particularly when they become part of Private Banking. Heavy fines have been imposed on financial institutions, that have conducted business with PEPs without following adequate Know Your Customer procedures and enhanced due diligence processes. Since September 11, 2001 more than 100 countries have changed their Anti Money Laundering laws, making the fight against corruption a central element of the new legislation. In addition, there has been greater emphasis and cooperation between nations to enforce the Foreign Corrupt Practices Act.

The following two-step process is international standard.

  • Identify the PEPs amongst your clientele
  • Make sure that funds managed by your organization on behalf of the Politically Exposed Person do not derive from a corrupt source

This two-step process requires organizations to use an innovative approach to determine the PEPs amongst its clients. A global PEP database covers more than 240 countries, faces different languages, needs to be maintained constantly and consequently contains a lot of data.

As a leading provider for information on PEPs we even offer portrait photographs as a fully integrated feature of the profile.





 
 
 
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