A Politically Exposed Person (PEP) is an individual in a prominent public position such as a President, Politician, Mayor, etc. Transactions involved with PEPs are considered high-risk transactions.
If an individual is a PEP, this does not mean that they are involved in criminal activity, but it means that precautions may need to be taken as they are of higher risk to a business.
It is crucial to determine if your client is a PEP or not because transacting with a PEP can be considered a form of bribery and corruption.
Companies need to identify what level of risk this poses to their business and choose whether or not they wish to onboard the individual.
Further, AML/CTF legislation requires financial institutions and other organizations performing high-value transactions to declare any PEPs they do business with if they consider them highly risky.
Vespia provides automated PEP screening for businesses to ensure AML/CTF compliance when onboarding customers.
Vespia provides access to real-time data from over 4000 AML databases and reliable commercial registers of 300 jurisdictions to fulfill the varying requirements of users.
The main dashboard lets you execute scans, look over your scanning history and view your credit pack orders, all in one place. All the checks will be available in the full report tab that you can download as a PDF file.
CDD is the background checks executed on the customer to ensure they are risk-assessed before being onboarded. Vespia will help verify that new customers are not on prohibited lists and estimate their risk facets.
Have a 360° overview of the companies and individuals behind them in only one tool. Don’t spend time switching from one to another to retrieve different pieces of information. With Vespia, you can conduct business check, UBO check, PEP, sanctions check, Identity verification, adverse media check, send a questionnaire to get more information, transaction monitoring and risk scoring.
Many businesses are required by law to comply with AML/CTF regulations.
Using Vespia's solution, you can screen new and existing customers against global PEPs databases to define their risk to your business and bypass fines for not complying.
Learn more about our AI-based solution and talk to us.
