The definition of politically exposed person (PEP) is an individual with a high profile political role, or who has been entrusted with a prominent public function. They present a higher risk for involvement in money laundering and/or terrorist financing because of the position they. Assess the adequacy of the bank's systems to manage the risks associated with senior foreign political figures, often referred to as 'politically exposed persons' (PEP), and management's ability to implement effective risk-based due diligence, monitoring, and reporting systems. Uverworld burst mp3 download. If the relationship is a private banking account 268. This definition also extends to their immediate family members and close associates. An individual is still deemed to be ‘politically exposed' even if they have left a political position or severed a relationship with another PEP.
- Although the definition and interpretation of what constitutes a PEP and who's covered may vary, PEP screening, risk analysis and risk mitigation have common components within compliance programs intended to mitigate this type of risk, to comply with applicable regulatory mandates. PEPs present two types of risks.
- In financial regulation, a politically exposed person (PEP) is one 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.
Is your applicant on a sanction list?
The need to identify a variety of high risk entities posing economic and reputational risk to your organisation is extremely important. Aoe2 no cd. Politically Exposed Person (PEP) and Sanction Screening mitigate regulatory and reputational risk by giving you intelligence you can act on.
Da061 078l am3 eup. IDMatrix has access to a comprehensive collection of PEP and Sanction Screening lists from all major sanctioning bodies, law enforcement agencies and financial regulators, providing the most complete collection of AML/CTF compliance data available and 100% coverage of all PEP, Sanction and Enhanced Due Diligence lists worldwide.
Key Features
- 100% coverage of all PEP, Sanction and Enhanced Due Diligence lists worldwide
- All data is hosted locally within Australia with no flow of customer data offshore
- An advanced token-based matching approach delivers predictable matching and enables accurate and fast processing
How it Works
By providing an individual's personal details including name and date of birth to IDMatrix, the GlobalScreening feature searches worldwide PEP, Sanction and Enhanced Due Diligence lists to establish any matched records.
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Those matched records and their supplementary information are then fed back into the fraud assessment framework to be considered as part of your overall IDMatrix result. You can use the IDMatrix Portal to review the granular details of any matched records or the Equifax hosted GlobalScreening Portal for further risk assessments, ongoing due diligence and case management.
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GlobalScreening Enhancements
IDMatrix is coupled with the GlobalScreening solution from Equifax to provide enhanced screening in real time. This gives you the ability to customise your PEP and Sanctions screening profiles to meet your organisations compliance needs. With the enhanced GlobalScreening you have access to the following configurations;
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- Select your own screening lists
- Define the matching rules
- Risk scoring to reduce false positives
- Matching on Name and Date of Birth
- Access the GlobalScreening Portal for further case management and reporting
Check out the BOQ GlobalScreening Case Study
Whether building new business relationships or transacting with current partners, customers, and counterparties, you and your organisation need to be protected. Regulatory lists may be a good start, but often you need more comprehensive data to safeguard yourself effectively to meet regulatory demands. You want the confidence that you can uncover potential risk without slowing business operations.
Fircosoft offers a comprehensive suite of screening solutions that provide a powerful defence against illicit financial partners and activities. With our sanctions data accredited by the American Institute of Certified Public Accountants (AICPA) with SSAE 16 certification, we deliver flexibility, connectivity, and trusted data all in one place. Our solutions provide the stable foundation of screening data you need to flag high-risk customers, accounts, and transactions.
With data solutions from Fircosoft, you can:
- Screen financial transactions, customer files, and individual lookups against a global collection of sanctions, Politically Exposed Persons (PEPs), adverse media, and enforcement data
- Reduce false positives with enriched data that drives the highest level of anti-money laundering (AML) compliance
- Improve your screening processes using the industry's largest database of high-risk entities involved with money laundering, arms proliferation, drug trafficking, and other high-risk activities
- Enjoy access to the data you need to remain compliant—data not found on the public lists
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Minimise your risk with our comprehensive high-risk data sets.
