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PEP Compliance

PEP Compliance is the process of checking clients and customers to see if they are a PEP, which stands for Politically Exposed Person. 

A PEP is someone who has a prominent position in public life, and it is a requirement under AML, KYC and customer due diligence regulations to screen for politically exposed people due to their proximity to power and influence which means they are more vulnerable to bribery and corruption. Carrying out PEP compliance involves checking all customers and potential customers of your firm against PEP lists to ascertain the level of risk they pose. 

There are few publicly available PEP lists so the easiest, quickest and most accurate method to screen against both domestic and global lists is to use an electronic screening platform. SmartSearch takes updates from the Dow Jones' WatchList - a global list compiled from more than 1,100 different worldwide Sanctions Lists – meaning all AML checks conducted on the platform can be screened instantly and continuously monitored.

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