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There are usually
two different types of politically exposed person list in circulation within a
business, industry or country. These are as follows:
The first kind of PEP list is a database of named or documented PEPs – anyone
who features on a list like this is a confirmed Politically Exposed Person.
However, it’s worth noting that these lists are rarely exhaustive; if you don’t
get a match for your customer, this should not be considered as proof that they
are not a PEP.
The second type of PEP list is
a database of functions, positions and roles in the public domain, that would qualify a person as politically
exposed, and therefore more susceptible to bribery and money laundering.
PEP screening is the process of checking politically exposed person
lists for a match to
the details of your customer. Data about PEPs can be obtained from a variety of
different sources, including government lists, public records, media and the
Carrying out PEP screening
during the course of your AML checks is an integral part of your company’s AML
compliance. By identifying a PEP, you’re able to make an informed decision about whether or not to go into business with a high-risk customer. If you do choose to proceed despite the risk,
then you can use your knowledge of the PEP to carry out Enhanced Due Diligence, as well as ongoing monitoring throughout your dealings.
Keen to read more on the kind of people who feature on politically
exposed person lists? You find out who qualifies
as a PEP, and how this differs for PEPs overseas on our dedicated glossary page.
To be PEP compliant, you need to carry out
extensive screenings, cross-referencing your customer’s details across all the
PEP resources available to you. There are thousands of different PEP lists in
circulation, so performing these checks manually is very
time-consuming, and often inaccurate.
at SmartSearch, we conduct PEP screenings using the Dow Jones WatchList – a
comprehensive combination of over
1,100 different lists sourced globally. Our automated software is
incredibly thorough, and will automatically carry out Customer
Due Diligence on
any matches that occur.