How do you check if someone is a PEP?

Businesses are not required to perform extensive investigations to determine if an individual is a PEP. Rather, this can be achieved via a simple AML check which includes a screen against a register of publicly known individuals with public functions, their associates and close family.

Is there a PEP list?

Countries themselves can publish two types of PEP lists: a list of politically exposed positions or a list of the names of individuals holding PEP roles. These lists, together with other international and national regulations, have been considered when drawing up the Dow Jones PEP definition.

What is PEP World-Check?

PEP HIERARCHY. INTERNATIONAL ORGANIZATION. PEP IO. An organization with broad international membership, scope, or presence, made up of sovereign states that are held together. by formal agreement between member states (also referred to as intergovernmental organizations)

What does Refinitiv World-Check do?

Thomson Reuters World-Check, the trusted and accurate source of risk intelligence made available to help organizations meet their regulatory obligations, make informed decisions, and help prevent organizations from inadvertently being used to launder the proceeds of crime, or association with corrupt business practices …

Why are PEPs high risk?

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 hold.

Who qualifies as a PEP?

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 a judge a PEP?

A politically exposed person is someone who holds a prominent public position or function, such as a Head of State, senior government official, High Court of Australia judge, high-ranking member of the armed forces or the Chair or CEO of an organisation that influences state or federal organisations.

What is PEP KYC?

A Politically Exposed Person (PEP) is an individual with a prominent public post or a public function. The PEPs fall under the category of high-risk customers by the financial institutions and thus need additional KYC.

What is World-Check in AML?

World-Check, Telekurs Financial and WorldCompliance are providers that offer screening services against its list of politically exposed persons and other high risk categories, better known as PEP (politically exposed persons) lists.

How much does World-Check cost?

Starting at $742 USD per user per month. Pricing for access to World-Check content is charged additionally. Please contact us for more details and pricing options.

Are PEPs high risk?

Politically Exposed Persons (PEP)s are high risk customers for financial institutions. Due to their influence, many PEPs are in positions that potentially can be abused for the purpose of…

Are all PEPs high risk?

While Financial Action Task Force (FATF) guidance3 recommends that all foreign PEPs should automatically be classified as high risk, the Wolfsberg Group advocates for the application of an RBA for all PEPs, whether foreign or domestic.

Is the Pep check based on open source data?

*Please note: the free PEP Check is based on a limited collection of publicly available, open source data, which has not been vetted.

Who is a primary PEP in World Check?

World-Check provides the media sources upon which all such information is based. Definition of a PEP A primary PEP is an individual who is (or has been) elected or appointed to a prominent public function in a foreign country. A secondary PEP is an immediate relative or close associate of that individual.

Where can I find free Pep check report?

You can see the result in web-view or download a PDF report. *Please note: the free PEP Check utilises Emerald data, which is based on a limited collection of publicly available, open source data, which has not been vetted.

How many PEPs are there in the world?

The PEP database contains the most comprehensive list of Politically Exposed Persons (PEPs) from more than 240 territories of the world, as well as from international organizations and political and diplomatic representations with around 1 million relevant PEPs.

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