Politically Exposed Persons
Screening for PEPs can benefit your company in several ways.
Firstly, it helps to ensure compliance with anti-money laundering regulations, demonstrating to regulators and other stakeholders that you take compliance seriously.
Secondly, by identifying PEPs, you can mitigate the risk of financial crimes, such as money laundering, which can result in costly fines, reputational damage, and loss of trust from customers and investors.
Thirdly, PEPs screening can help to identify potential conflicts of interest, allowing you to make informed business decisions and mitigate the risk of reputational damage.
Are you a company operating in global markets? Then it's critical to understand the importance of compliance and risk management. One essential aspect of this is conducting regular sanction checks on your business partners, customers, and suppliers. Here's why:
Sanctions are measures imposed by governments and international organizations to restrict or prohibit trade and financial transactions with individuals, entities, or countries that pose a threat to national security or violate international laws and human rights. As a result, violating sanctions can lead to significant financial and reputational consequences for your company.
By conducting sanction checks, you can identify if any of your business partners, customers, or suppliers are included in any of the sanction lists maintained by different authorities. This helps you mitigate the risk of financial crime, avoid costly fines, and protect your company's reputation. It also demonstrates to stakeholders, including customers and investors, that you take compliance seriously.