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PEP Lists Explained

A PEP List is a list of known Politically Exposed Persons. PEP lists are used by regulated companies to check if a customer is vulnerable to bribery or corruption due to the position and influence they hold within public life. Data on PEPs can be obtained from a wide variety of different publicly available sources, including government lists and media and internet sources. However, collecting data in this way can be very time consuming and inaccurate, as it is often difficult to ascertain how up to date the data you are using is. The most accurate and efficient way to check if someone is listed as a PEP is to use an electronic platform. Every AML search run through the SmartSearch system will automatically screen for PEPs and sanctions. SmartSearch uses a multi-bureau system, gathering data from Experian, Equifax and its sanctions and PEP data comes from Dow Jones’ WatchList, which is compiled from over 1,100 different worldwide Sanctions Lists. This list is updated daily, and SmartSearch takes the updates to enable its own daily monitoring service. SmartSearch checks every name on the system (ie every person or company every checked) every night. If any new matches occur, it will automatically perform enhanced due diligence. If that comes back as a positive match, SmartSearch will inform its client of the change to allow them to further investigate. 

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