PEPs Checks

PEPs checks scan over 1,500 global enforcement databases and watch lists for links to money-laundering, fraud and terrorism. By requesting a PEPs check for a candidate, it ensures your company complies with Anti-Money Laundering (AML) regulations.

Hopefully we can answer all of your PEPs questions below, but if you have any other questions, please feel free to contact us.

What is a PEP (Politically Exposed Person)?

A PEP is a 'politically exposed person'. This refers to someone who is a prominent public figure and carries out a role/function in which they are trusted by the public.

The definition of a PEP can vary from country to country or even company to company.

Some examples include:

  • Senior political figures
  • Senior executives within a government owned commercial company
  • Senior government officials
  • Senior members of law enforcement agencies
  • Senior members of religious organisations

These public figures present a higher risk of bribery, as there is a fear they could be corrupted and someone could take advantage of the influence this person may hold.

Is a PEP always someone in the public eye?

No, a PEP isn't just a well-known public figure or influential person, it could include:

  • Immediate family members
  • Close business associates
  • Publicly known personal associates

Essentially a PEP is anyone close enough to the politically exposed person in question that may be able to sway their influence through corruption, bribery, or in a position to help the individual exploit the public's trust.

What are the impacts of a PEP?

Politically Exposed Persons (PEPs) are considered very high risk in today's regulatory environment. A number of financial institutions have been imposed with very heavy fines for conducting business with PEPs without sufficient Know Your Customer (KYC) checks and evidence of enhanced due diligence processes.

Can we still work with a PEP?

Just because an individual is a PEP doesn't necessarily mean that they are doing wrong and that you shouldn't be in business with them, it just means you have to be more vigilant when observing your business relationship. It is, though, critical that you conduct the correct PEP screening before any business relationships are officially in place.

How do I run a PEP check?

Vetting.com will speed up and add security to your Politically Exposed Person checks. Our platform allows you to check all individuals and businesses quickly and efficiently before you go into business with them.

What is a PEP list?

A PEP list is a database of politically exposed persons and entities built from rigorous investigative and research processes. The list could include personally identifiable information such as date of birth, gender, aliases or nicknames, titles, roles, and nationality. Relationships with close associates to the PEP are examined. These can include business partners, family members and related companies. PEP lists are constantly evolving which means many organisations need to and will carry out daily PEP check screening.

Can an existing client or customer become a PEP? If so, should they be screened on an on-going basis as part of a robust AML strategy?

Yes, an existing client or customer can become a PEP and therefore the need for on-going screening and regular PEP checks by organisations are critical to ensure they are aware of any changes in the client's or customer's political exposure.

COMPLETION TIME: IMMEDIATE

COVERAGE: GLOBAL

Our platform provides the option of a single or multi check report for all checks that you carry out. All the information you need is available to read and save at the click of a button.

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