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PEP

A PEP is a Politically Exposed Person a.k.a. someone who has a prominent position in public life. It is vital to identify someone who is a PEP within customer due diligence, KYC, and AML procedures because PEPs are more vulnerable to bribery and corruption due to the position they have and the influence they hold.  PEPs are "individuals who are or have been entrusted with prominent public functions by a foreign country. For example, Heads of State or Heads of government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations, important political party officials." 

PEPs are also defined as people who have been entrusted with a "prominent function by a state-owned enterprise or an international organization" and this will include members of senior management such as directors, deputy directors, and members of the board or equivalent functions. Depending on internal risk controls, this may extend to family members and close associates. 

The Smart Search platform conducts PEP and sanctions checks on all AML searches and automatically conducts enhanced due diligence on anyone that matches with a PEP.

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