Issue 383 (Week ending 03/12/2019)

The phrase 'PEP' has now become commonplace in the world of AML compliance. But who are PEPs? Why do they need to be checked? Who is obliged to perform these checks? This week we have answered these questions for you and are happy to help with any of your PEP related queries in this constantly evolving area

What is a PEP?
A PEP (Politically Exposed Person) is an individual who is or has been entrusted with a prominent public function. Not only this, but any close business associates or family member of these people will also be deemed as being a risk and therefore could also be added to the PEP list.

Why do PEPs need to be checked?
Many PEPs hold positions of influence and as a result carry a greater risk than non-PEPs, if their influence is abused for the purpose of money laundering, corruption or bribery.

Who does this concern?
All financial institutions regulated by the Central Bank such as Banks, Credit Unions, Insurance Companies etc. are required under the EU Anti-Money Laundering Directive to PEP check all new and existing customers.

Is this a new check?
PEP checking has been around for many years, however a new definition of a PEP was introduced in AMLD4 (EU Anti-Money Laundering Directive 4) to increase their range from just foreign PEP's to now include domestic persons.

How often should you check?
The frequency of checks is on a risk based approach but usually its either monthly or quarterly.

How can CRIF VisionNet help?
CRIF VisionNet is Ireland's leading provider of due diligence solutions; helping you fulfil compliance and anti-money laundering obligations with ease, on individuals, corporates, sole-traders and now PEPs. VisionNet's new Due Diligence platform is the culmination of several years of research into the area and allows for flexible searching and monitoring against a wide portfolio of global data sources.

In addition to this Vision-net Is the only PEP Screening Service in Ireland that enriches our PEP Data with local insight and updates to ensure our clients are always receiving the most relevant and up to date result. Our PEP checks also extends to include other services such as Sanction Checks, Adverse Media, Unique Bankruptcies, Personal Insolvencies, Disqualified Persons and Revenue Defaults - the most in-depth AML check available in Ireland.

For more information about PEP Compliance CLICK HERE, Call: 01 903 2660 or Email: Helpdesk@vision-net.ie