Ongoing monitoring rescreens existing customers against updated sanctions, PEP, SIP, and RCA data after onboarding. SmartSearch screens monitored customers every night and alerts compliance teams when a status change or potential match requires investigation. This helps businesses identify customers whose risk profile has changed since their original check.

Financial sanctions are legal restrictions, put in place by the government to limit or prevent entirely the trading of individuals, companies or whole countries. They are usually levied against people or corporations who have committed financial crimes and fall into one of three categories: the freezing of assets, specific restrictions on financial markets and orders to cease all trading.

Used by financial authorities and governments all over the world, sanctions lists are databases which detail all the financial sanctions that are currently active in a specific state, country or continent. Some of the most well-known examples in the industry are the United Nations list, the UK Consolidated list and the EU Consolidated list.

SmartSearch uses the Dow Jones Watchlist, which brings together more than 1,100 global sanctions and PEP lists. Coverage includes relevant international and national sources, such as United Nations, UK, and European sanctions data, alongside information on PEPs and other higher-risk individuals and entities.

SmartSearch uses identity information and Enhanced Due Diligence checks to distinguish genuine matches from individuals or organisations with similar details. False positives can be filtered out, while cases that cannot be resolved automatically are referred to the compliance team for manual review.

A potential match should be reviewed to confirm the customer’s identity and understand the reason for the listing. A sanctions match may require the activity or relationship to be restricted in line with the relevant sanctions regime. A PEP, SIP or RCA match should inform the customer risk assessment and may trigger Enhanced Due Diligence, additional approval and closer ongoing monitoring. SmartSearch automatically triggers EDD when a relevant screening match is identified.

A PEP (Politically Exposed Person) check should be carried out when onboarding new customers to ensure that they are not linked to any form of financial crime. For example, if a customer is a government official or a family member of a government official, it is important to conduct a PEP check as such individuals may be involved in bribery or corruption. Additionally, a PEP check should be performed whenever changes are made that could trigger the need for additional verification. This could include changes in address, profession, or banking details which may indicate potential money laundering activity.

Yes. PEP status does not automatically prevent a business from accepting or retaining a customer. The organisation should assess the level of risk, obtain appropriate approval, establish Source of Funds or Source of Wealth where required, and apply Enhanced Due Diligence and ongoing monitoring.

The time frame a person is deemed to be a PEP may vary depending on their particular function, with designation potentially lasting up to a year after their official departure. To guarantee adherence and surveillance, a thorough assessment must be conducted into the individual and their prior connections before PEP status is cleared from them.

When onboarding a Politically Exposed Person according to Regulation 35 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), you must: Secure approval from upper management for the business association. Ensure the origin of assets and funding is adequately investigated. Keep a close eye on the business relationship over time. Regulated businesses must ensure they meet KYC and AML regulations by performing PEPs and sanctions checks as part of their due diligence process.

A PEP is someone who holds, or has held, a prominent public position. A SIP is an individual linked to allegations, investigations or convictions involving serious financial or organised crime. An RCA is a relative or close associate of a PEP who may share increased exposure to bribery, corruption or financial crime.A match does not necessarily prevent a business relationship, but it should inform the risk assessment and may require Enhanced Due Diligence.

Adverse media screening searches news, public records, online publications and other relevant sources for negative information linked to an individual or business. Findings may include reports of fraud, corruption, money laundering, organised crime, regulatory breaches or other reputational and financial-crime risks. Relevant results should be reviewed alongside sanctions, PEP, SIP and RCA screening and may trigger further investigation or Enhanced Due Diligence.

Manual screening requires teams to search multiple lists, account for aliases and name variations, investigate possible matches, and repeat checks whenever data changes. This can be time-consuming, inconsistent and difficult to evidence. Automated screening brings global watchlist searches, match filtering, alerts and ongoing monitoring into one repeatable process, helping teams reduce manual administration and focus on cases that require judgement.

The Dow Jones Watchlist used by SmartSearch is updated daily. SmartSearch also rescreens monitored customers every night and alerts users when a new listing, status change, or potential match requires review.