PEP Screening
Overview
Politically Exposed Person (PEP) screening identifies customers with prominent public functions (and their close associates) who pose elevated corruption/ML risk. Institutions classify PEPs (domestic, foreign, international organization), apply enhanced due diligence (EDD), verify source of funds/wealth, set tighter limits, and monitor more frequently. Screening relies on curated PEP lists, adverse media, and sanctions overlays with strong name-matching to handle transliterations and aliases. Risk scoring considers role seniority, country risk, and recency of office. Managing PEPs is a core AML expectation; failures lead to regulatory penalties and reputational damage. Good programs balance precision (to avoid false positives) with comprehensive coverage.
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