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PEP Screening: In financial regulation, politically exposed person (PEP) is a term describing someone who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. There is a need to conduct separate checks against PEPs to protect from exposure to the menace of financial crimes. Our PEP database with Politically Exposed Persons (PEPs), their family members and close associates is regularly updated to keep you up-to-date with the most recent changes. Moreover, if a customer is identified as PEP, the system will perform the following actions as per AML/CFT/CPF Regulations:

  • Automatically mark the customer as either PEP (Self), Family member of PEP (Spouse, Parents or Children) or Close Associate of PEP (Self or Linked)
  • System will ask the user to input the details of the PEP such as Position /Status of PEP (Diplomat, Government Official, Military Official, etc.)
  • Senior Management Approval will be obtained to establish or continue business relationship
  • Conduct enhanced on-going monitoring of business relations with the customer or beneficial owner identified as PEP, Family member of PEP or close associate of PEP
  • Conduct enhanced on-going monitoring of business relations with the customer or beneficial owner identified as PEP, Family member of PEP or close associate of PEP
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