A SIP is a Special Interest Person, also known as a SIE, Special Interest Entity, A SIP OR SIE is an individual or business that has been accused of or arrested for or convicted of, or is undergoing trial for crimes such as corruption, financial crime (e.g. fraud, theft, money laundering, and tax evasion), trafficking, organized crime, terror, or war crimes.
There are many types of watchlist outside of the standard PEP and sanctions lists. SIP/SIE screening covers a wide range of other watchlists issued by governments and jurisdictions around the world. If a SIP match is found on a check, SmartSearch’s access to the Dow Jones Watchlist will generate biographical information regarding the type of list it was found on and importantly, why, so that clients can mitigate any undue risk.
While it is not a crime to do business with a SIP, they could potentially pose a significant risk. To ensure clients have the tools to make the right decision for their business, SmartSearch will provide clients detailed information regarding the match so they can decide whether or not they will do business with that person.