A Politically Exposed Person (PEP), is an individual who is in a notable public position such as a President, Politician, Mayor, etc. Transactions involved with PEPs are considered as high-risk transactions, so businesses and companies need to be aware of. For Individuals Please tick ( ): I am Politically Exposed Person (PEP)^ I am Related to Politically Exposed Person (RPEP) Not applicable (i) Foreign Exchange / Money Changer Services – YES NO; (ii) Gaming / Gambling / Lottery / Casino Services – YES NO; (iii) Money Lending / Pawning – YES NO.
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A Politically Exposed Person (PEP) is an individual who is identified to be at a higher potential risk of involvement with money laundering, bribery and corruption, either through their work personally or through close association with another whose work makes them a higher risk. This is of particular concern where financial services (and some other industries) exist and warrants extra. (V) 'Person' – refers to any natural or juridical person. (W) 'Politically Exposed Person' (PEP) – refers to an individual who is or has been entrusted with prominent public position in (a) the Philippines with substantial authority over policy, operations or the use or allocation of government-owned. Red dead redemption pc emulator 2014.
Why it is important
Politically Exposed Person Search
A critical component of KYC controls is name screening. This determines whether a customer is a politically exposed person (PEP) or on a sanctions list. Bank employees get thousands of alerts every day from their name-screening software, list providers, and databases – with the majority of them being false positives – and spend a substantial amount of manual effort to review and resolve them.
Banks use databases and screening software to identify politically exposed and sanctioned individuals during the onboarding and periodic-refresh process. This can result in thousands of daily alerts that must be manually resolved by bank employees to determine a customer's risk profile. Mistakes and failure to comply can lead to heavy penalties and allow bad actors to misuse a bank's services.
In case of a true PEP alert, the person's risk rating must be increased or escalate for review. In case of a true match for a sanctions alert, the person's account must be blocked.
What needs to be improved
Bandicam crack korean latest. Currently, banks face several challenges that prevent them from conducting efficient enhanced due diligence checks:
- Majority of alerts are false positives and must be resolved manually by bank employees
- Manual effort causes delays and mistakes in KYC completion
- Disposition of alerts requires gathering information from multiple internal and external sources
How WorkFusion can help
WorkFusion's pre-trained bots determine if an alert on a customer's name is a true match or a false positive. The bot makes this judgment using a bank's internal KYC data, including age, gender, and location, as well as external data sources for confirmations, such as connecting to government information portals.
Automating the PEP and sanctions alert reviews helps drastically lower the number of false positives a person must review manually, thus reducing time and manual effort required while increasing accuracy and auditability.
![List List](http://www.golegal.co.za/wp-content/uploads/2017/07/minor-identified.png)
![Politically exposed persons list search Politically exposed persons list search](https://trendingpolitics.com/media/articles/5fc7fa6f76b99Screen%20Shot%202020-12-02%20at%2012.32.59%20PM.png)
Document types
- Alerts generated by screening software and databases
Supported integrations
List Of Politically Exposed Persons
- Accuity (RELX Group)
- WorldCompliance (LexisNexis)
- Lexis Diligence (LexisNexis)
- World-Check (Refinitiv)