PEP Screening and Monitoring
Reduce false positives boost your compliance with a smarter global PEP Screening solution
What is PEP screening?
PEP screening refers to the process of screening customers or business partners for Politically Exposed Persons (PEPs). PEPs are individuals who hold a prominent public position or are closely associated with such individuals. Examples include government officials, political party leaders, and senior executives at state-owned enterprises.
PEP screening is important for financial institutions and other businesses because PEPs are at a higher risk of being involved in corruption, money laundering, or other financial crimes.
Why do you need to use PEP Screening services?
Using PEP screening software helps companies automate and streamline the screening process, reducing the risk of human errors, building an audit trail, and ensuring consistency and scalability across their operations.
Companies need to use PEP screening services instead of manually searching different sources for several reasons including:
- Manually searching different sources can be time-consuming and prone to errors, especially if the sources are not up-to-date or reliable.
- With PEP screening services, companies can screen large volumes of data quickly and easily, freeing up valuable time and resources.
- PEP screening services are designed to help companies comply with AML and CTF regulations by ensuring that all stakeholders are screened for PEPs.
Which companies and industry sectors need to screen for sanctions?
Most countries have regulations in place that require certain types of companies to screen their stakeholders for PEPs. The types of companies that are typically required to screen for PEPs include:
- Banks
- Insurance companies
- Securities firms
- Money services businesses
- Trust and company service providers
- Virtual asset service providers
- Government contractors
- Large corporations operating in high-risk jurisdictions
- Non-profit organizations receiving donations or funding from foreign governments or international organizations
How RiskSecure’s PEP Screening services can supercharge your compliance workflows
Increase accuracy
Accurately identifies potential matches with Politically Exposed Persons, reducing the risk of false positives or false negatives.
Improve efficiency
We process multiple sources of PEP data quickly and effectively, allowing firms to screen transactions in real-time or near real-time.
Easy integration
NGA’s modular PEP screening APIs, cloud-based or on-prem platforms can completely align with your workflow. We also have a user-friendly, streamlined PEP Screening web tool available.
Reduce costs
Reduce the need for manual screening processes, which can be time-consuming and costly. It can also reduce the need for additional staff and resources to manage compliance.
Audit trails
The PEP screening software provides an audit trail of all screening activities, which can help firms demonstrate their compliance with regulatory requirements.
AI-Powered Name Matching
RiskSecure applies machine learning to achieve semblance of human-like logic and semantics for alternative name detection to further reduce false positives and improve your team’s daily screening performance.
How you can access this PEP Screening data
A range of PEP Screening applications are available that deliver search results in a format you like!
SaaS with user friendly interface
API integration that is easy and inexpensive
Ongoing PEP monitoring
Integrated ongoing PEP monitoring 24 hours a day, 7 days a week
Our professional service teams will integrate and configure RiskSecure to work seamlessly with your existing IT landscape and automatically alert you about any possible PEPs with ongoing smart surveillance. This ensures you’ll be notified as soon as related institutions or natural persons appear on some of the many global PEP lists we monitor.
- Extracting politically connected persons from articles
- Enrich with DOB, nationality and role
- Publish to our LIVE Watchlist database
Political and Prominent Connections in the Media
A key requirement imposed by global regulators is the identification of DPIPs (Domestic Prominent Influential Persons) and FPPO’s (Foreign Prominent Public Officials).
Traditional providers generally lag behind in an ever-changing media landscape, presenting a huge business risk to your company. For this reason we designed a dedicated Watchlist category that automatically scans thousands of sources on the web for Political or Prominent connections within 12 hours of a news break and makes them searchable.
Best-in-class Adverse Media screening
Go beyond the constraints of official curated Watchlists with RISKSECURE’S intelligent Adverse Media automation.
Achieve the ultimate operational efficiency with these features:
- Adjustable parameters
- Reliable and automated daily uploads (new and updated records)
- Report downloads
- Screening AND investigation Audit trails
- Ongoing screening and monitoring
- Watchlist performance reporting
- Multi-level drill down after a hit is detected
- Customizable workflow and case management tool
- Easy to use web interface (GUI)
Ready to manage your PEP risks from one central solution?
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