What is PEP World-Check?
organization or individual. Identifies whether subjects are politically exposed (PEP) Biographical information such as titles, positions and passport numbers. Secondary identifiers such as age, date of birth, location. Covers 600+ sanction, watch and regulatory and law enforcement lists.
How long does a pep remain a pep?
When Should PEPs Be Declassified? There is no globally accepted process for PEP declassification, and regulations vary by jurisdiction. Most countries impose a statutory time limit from the point at which the customer leaves political office from 12 to 18 months.
Is Thomson Reuters now Refinitiv?
Refinitiv was part of Thomson Reuters until 2018 when a majority stake was purchased by private-equity firm Blackstone Group in a deal valuing the business at about $20 billion.
What is sanction screening?
Sanctions screening is the verification of names, or alias of those, on Sanction lists involved in financial transactions. Among the value-added services TAS Service Bureau offers an Anti-Money Laundering filter to prevent, detect and report suspicious money laundering transactions.
Does PEP status expire?
While some AML/CFT approaches hold that PEP classification should be permanently maintained, others reject the “once a PEP, always a PEP” philosophy and suggest that PEPs can be declassified safely if certain criteria are met.
How do I check my PEP?
Businesses are not required to perform extensive investigations to determine if an individual is a PEP. Rather, this can be achieved via a simple AML check which includes a screen against a register of publicly known individuals with public functions, their associates and close family.
How long is PEP status?
Regulation 35(9)(a) and (b) provides that a person who is a PEP should continue to be treated as a PEP for a period of at least 12 months after the date on which that person ceased to be entrusted with that public function; or for such longer period as the relevant person considers appropriate to address risks of money …
What does it mean to be identified as Pep in World Check?
For example, being identified as a PEP simply tells a WC Customer that you perform, or performed, a prominent political or related function or are connected to someone holds or held such a position. WC Customers make their own decisions about how to use the World-Check data they receive in order to conduct their Checks.
Where can I find information on PEP database?
Sources of information for PEP database are almost exclusively official government websites (presidency, government, legislative bodies, supreme courts of justice, military administration etc.) and official gazettes where laws, decrees, investitures and depositions are published.
How many PEPs are there in the world?
The PEP database contains the most comprehensive list of Politically Exposed Persons (PEPs) from more than 240 territories of the world, as well as from international organizations and political and diplomatic representations with around 1 million relevant PEPs.
Is there a free Pep check for business?
Designed for entrepreneurial AML (Anti money laundering) & PEP (Politically exposed person) checks that fit your business needs. Ultimate API connectivity that minimizes your business risks in real time with minimal costs. Check a name against our PEP list for Free!