PEP Screening
The process of identifying and assessing the risk associated with politically exposed persons (PEPs) to prevent corruption and money laundering.
PEP Screening involves checking customer identities against databases of politically exposed persons.
PEPs are individuals who hold or have held prominent public functions, making them vulnerable to corruption or bribery. Financial institutions must conduct enhanced due diligence on PEPs and their close associates.
Effective PEP screening is crucial for mitigating reputational, regulatory, and legal risks associated with these high-risk individuals.
PEP compliance by city
Related Terms
AML/KYC
The process of verifying the identity of customers and assessing their risk profile to prevent money laundering and terrorist financing.
Transaction Monitoring
The process of continuously monitoring transactions for suspicious activity to detect and report potential money laundering or fraud.
Risk Assessment
A systematic process of identifying potential threats, evaluating vulnerabilities, and determining the likelihood and impact of risks to an organization's information assets and operations. Risk assessments are foundational to ISO 27001, DORA, and virtually every compliance framework.
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