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SIPs

A SIP, or Special Interest Person, is someone who has been convicted, arrested or is undergoing trial for financial or serious crime, such as fraud,  money laundering or drug trafficking. SIPs will be listed on sanctions lists, and as part of AML, KYC and Customer Due Diligence processes, regulated firms must screen all customers and potential customers against sanctions lists. If a SIP match is made, this will warrant further investigation. While it is not a crime to do business with a SIP, the risk associated with doing business with one is much higher and is at the company's discretion. The company must be informed if a customer is a SIP so they can make a decision about whether or not they will do business with that person.

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