Politically Exposed Persons (PEPS) are those trusted by society in prominent positions including politicians, senior government officials and senior law enforcement members. This also includes those that deal closely with them and may have an influence on them. This does not mean you cannot deal with PEPS. Your business should constantly monitor them to avoid risks related to money laundering, tax evasion and bribery. PEPs and sanctions checks are important for your business as they allow you to see if they have been sanctioned and/or if a PEP is connected to a company you work with. Being vigilant of who you are dealing with will help your business mitigate financial risk and remain compliant.
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Each business in our database of over 15M+ businesses has an extensive breakdown of key information. This allows you to make informed decisions in real time. One of the most important features is monitoring along with Digital AML. The monitoring feature gives you real-time alerts on any business you choose to add to a portfolio. Digital AML provides a broader level of compliance with the ability to check UBOs and directors for PEPS and Sanctions. The benefits of the RFA platform are limitless in a sense that we are constantly striving to update and advance our technologies.
Ideal for SMEs and enterprises alike, our solution utilises Digital AML as well as Manual AML, cross referencing the information submitted with domestic and foreign databases. You will receive an alert once the check is complete along with the results that will help you in making your final decision.
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There are numerous sanctions that can be enforced by regulation. Here are a few examples: Embargoes on trade, Prohibitions on certain types of trade or on trade with certain business, Asset Freezes and Travel bans on individuals. These are not limited to just these sanctions as they vary per purpose and reasoning.
UK sanctions are regulations made under the Sanctions Act which apply in the entire United Kingdom as well as Northern Ireland. These prohibitions and requirements in the UK sanctions regulations apply to conduct by UK citizens. This also includes anyone in the UK and its territorial waters, UK nationals outside of the UK, and bodies incorporated under the law of any part of the UK.
The three types of PEPS include:
PEPS are a high risk to businesses as they hold positions of authority and influence. Many of these PEPS hold positions that can be abused or impacted for illegal activity such as bribery, corruption and money laundering.
Politically Exposed Persons (PEPS) are those trusted in prominent positions of authority and influence including politicians, senior government officials and senior law enforcement members. This also includes those that are closely associated with PEPS. These people may have an influence on them and the decisions they make.
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