{"id":4459,"date":"2020-04-23T06:41:15","date_gmt":"2020-04-23T06:41:15","guid":{"rendered":"https:\/\/13.239.146.144\/?p=4459"},"modified":"2022-06-06T15:07:51","modified_gmt":"2022-06-06T05:07:51","slug":"why-you-need-pep-and-sanctions-screening-for-your-business-aml-ctf-compliance","status":"publish","type":"post","link":"https:\/\/namescan.io\/insights\/why-you-need-pep-and-sanctions-screening-for-your-business-aml-ctf-compliance\/","title":{"rendered":"Why you need PEP and Sanctions Screening for your business\u2019 AML\/CTF compliance?"},"content":{"rendered":"<p aria-level=\"1\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:480,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">AML\/CTF\u00a0<\/span><span data-contrast=\"auto\">compliance begins with mandatory client verification and screening for <a target=\"_blank\" href=\"https:\/\/namescan.io\/PEP_and_Sanction.aspx\" rel=\"noopener\">Politically Exposed Persons (PEPs)\/Sanctions<\/a>. According to the\u00a0<\/span><a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/fatf\/\" rel=\"noopener\"><span data-contrast=\"none\">Financial Action Task Force<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">(<\/span><span data-contrast=\"auto\">FATF<\/span><span>)<\/span><\/a><span data-contrast=\"auto\">\u00a0Directives, all businesses considered high-risk, must screen their clients at the time of onboarding to <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/politically-exposed-person\/\" rel=\"noopener\">check for PEP<\/a>, <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/rcas-now-included-in-namescans-standard-data\/\" rel=\"noopener\">Relative and Close Associates<\/a> (RCA), or\u00a0<\/span><span data-contrast=\"auto\">S<\/span><span data-contrast=\"auto\">anctions. This is mandated at the time of client onboarding, and\u00a0<\/span><span data-contrast=\"auto\">the<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">establishment of a new business relationship.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">A\u00a0<\/span><span data-contrast=\"auto\">robust<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">screening<\/span><span data-contrast=\"auto\">\u202fprogram includes\u00a0<\/span><span data-contrast=\"auto\">both<\/span><span data-contrast=\"auto\">\u00a0types of checks:\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">PEP screening<\/span><\/b><span data-contrast=\"auto\">\u202fto identify and conduct\u00a0<\/span><a target=\"_blank\" href=\"https:\/\/namescan.io\/PEP_and_Sanction.aspx\" rel=\"noopener\"><span data-contrast=\"auto\">due diligence<\/span><\/a><span data-contrast=\"auto\">\u00a0on any PEPs or high-risk customers<\/span><span data-contrast=\"auto\">;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:284,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Sanctions screening<\/span><\/b><span data-contrast=\"auto\">\u202fto ensure that entities on\u00a0<\/span><span data-contrast=\"auto\">S<\/span><span data-contrast=\"auto\">anctions\u202flists are not allowed to make financial transactions.\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:284,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p aria-level=\"2\"><b><span data-contrast=\"none\">PEP\u00a0<\/span><\/b><b><span data-contrast=\"none\">s<\/span><\/b><b><span data-contrast=\"none\">creening<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Screening solutions\u00a0<\/span><span data-contrast=\"auto\">screen customers against\u00a0<\/span><span data-contrast=\"auto\">various<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">PEP lists, to understand the risk potential of a customer and assign a risk scoring for ongoing <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/customer-due-diligence\/\" rel=\"noopener\">customer due diligence<\/a> (CDD).<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The following are categorised as<a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/politically-exposed-person\/\" rel=\"noopener\"> PEPs<\/a><\/span><span data-contrast=\"auto\">, although definitions vary for countries:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0be\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">individuals who hold or\u00a0<\/span><span data-contrast=\"none\">previously\u00a0<\/span><span data-contrast=\"none\">held a prominent public function,\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0be\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">head of state or government,\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0be\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">senior politicians,\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0be\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">senior government, judicial or military officials,\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0be\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">senior executives of state-owned corporations,\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0be\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">high-ranking officials of a\u00a0<\/span><span data-contrast=\"none\">political party.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<p aria-level=\"2\"><b><span data-contrast=\"none\">Sa<\/span><\/b><b><span data-contrast=\"none\">n<\/span><\/b><b><span data-contrast=\"none\">ctions<\/span><\/b><b><span data-contrast=\"none\">\u00a0<\/span><\/b><b><span data-contrast=\"none\">s<\/span><\/b><b><span data-contrast=\"none\">creening<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/namescan.io\/PEP_and_Sanction.aspx\" rel=\"noopener\"><span data-contrast=\"auto\">Sanctions\u00a0<\/span><span data-contrast=\"auto\">screening<\/span><\/a><span data-contrast=\"auto\">\u00a0involves<\/span><span data-contrast=\"auto\">\u00a0specialised searches<\/span><span data-contrast=\"auto\">\u00a0against national and global databases to identify individuals, entities or countries prohibited from certain business activities or transactions. Sanctions are aimed to curb illegal activities, terror financing, nuclear and arms proliferation, and\u00a0<\/span><span data-contrast=\"auto\">activities considered a threat to the security of a nation<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0generally<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">C<\/span><span data-contrast=\"auto\">heck<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">are made\u00a0<\/span><span data-contrast=\"auto\">against<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">multiple<\/span><span data-contrast=\"auto\">\u00a0databases\u00a0<\/span><span data-contrast=\"auto\">of S<\/span><span data-contrast=\"auto\">anctions and\u00a0<\/span><a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/what-is-watchlist-screening\/\" rel=\"noopener\"><span data-contrast=\"auto\">W<\/span><span data-contrast=\"auto\">atch<\/span><span data-contrast=\"auto\">l<\/span><span data-contrast=\"auto\">ists<\/span><\/a><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">maintained by the UN,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">c<\/span><span data-contrast=\"auto\">ountry\u00a0<\/span><span data-contrast=\"auto\">r<\/span><span data-contrast=\"auto\">egulato<\/span><span data-contrast=\"auto\">rs and<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">law enforcement agencies.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As PEPs and Sanctions lists are periodically updated, it is important to conduct PEP and Sanctions Screening\u00a0<\/span><span data-contrast=\"auto\">as part of your ongoing compliance program<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p aria-level=\"2\"><b><span data-contrast=\"none\">Why you must<\/span><\/b><b><span data-contrast=\"none\">\u00a0screen for PEP and Sanctions?<\/span><\/b><b><span data-contrast=\"none\">\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As a regulated business, you are ultimately responsible for risk assessment of your clients based on geographies, industry, nature of business, type of clients, country<\/span><span data-contrast=\"auto\">\u00a0of\u00a0<\/span><span data-contrast=\"auto\">transact<\/span><span data-contrast=\"auto\">ion and operation<\/span><span data-contrast=\"auto\">; size or pattern of transactions; and business relationships.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Some businesses like financial institutions, real estate<\/span><span data-contrast=\"auto\">\u00a0agencies<\/span><span data-contrast=\"auto\">, money service businesses, and\u00a0<\/span><span data-contrast=\"auto\">c<\/span><span data-contrast=\"auto\">ryptocurrency exchanges, operate across borders\u00a0<\/span><span data-contrast=\"auto\">and\u00a0<\/span><span data-contrast=\"auto\">serve\u00a0<\/span><span data-contrast=\"auto\">various type<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">\u00a0of clients<\/span><span data-contrast=\"auto\">. Vigilance a<\/span><span data-contrast=\"auto\">round\u00a0<\/span><span data-contrast=\"auto\">PEP accounts helps to prevent the business or firm from being used as a channel for <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/anti-money-laundering-and-counter-terrorism-financing\/\" rel=\"noopener\">money laundering or terror financing<\/a>.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">There are<\/span><span data-contrast=\"auto\">\u00a0also<\/span><span data-contrast=\"auto\">\u00a0legal professionals and <a target=\"_blank\" href=\"https:\/\/namescan.io\/Industries\/Accounting.aspx\" rel=\"noopener\">accounting firms<\/a><\/span><span data-contrast=\"auto\">\u00a0<\/span><span>\u00a0<\/span><span data-contrast=\"auto\">who<\/span><span data-contrast=\"auto\">\u00a0may be\u00a0<\/span><span data-contrast=\"auto\">at risk to this kind of activity<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">because they\u00a0<\/span><span data-contrast=\"auto\">act on behalf of domestic or foreign clients<\/span><span data-contrast=\"auto\">\u00a0and<\/span><span>,<\/span><span data-contrast=\"auto\">\u00a0receive payments, manage client funds or purchase real estate on their behalf.\u00a0<\/span><span data-contrast=\"auto\">Having\u00a0<\/span><span data-contrast=\"auto\">an effective PEP\/Sanctions\u00a0<\/span><span data-contrast=\"auto\">screening<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">program\u00a0<\/span><span data-contrast=\"auto\">in place<\/span><span>,<\/span><span data-contrast=\"auto\">\u00a0helps to\u00a0<\/span><span data-contrast=\"auto\">mitigate the risk of\u00a0<\/span><span data-contrast=\"auto\">potential financial fraud.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As a business\u00a0<\/span><span data-contrast=\"auto\">following\u00a0<\/span><a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/fatf\/\" rel=\"noopener\"><span data-contrast=\"auto\">FATF<\/span><span data-contrast=\"auto\">\u00a0Recommendations<\/span><\/a><span data-contrast=\"auto\">, y<\/span><span data-contrast=\"auto\">ou must\u00a0<\/span><span data-contrast=\"auto\">maintain business compliance. To begin with,\u00a0<\/span><span data-contrast=\"auto\">check<\/span><span data-contrast=\"auto\">\u00a0if\u00a0<\/span><span data-contrast=\"auto\">your<\/span><span data-contrast=\"auto\">\u00a0clients fall under the local<\/span><span data-contrast=\"auto\">\/foreign<\/span><span data-contrast=\"auto\">\u00a0PEP definitions<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">or feature in any of the<\/span><span data-contrast=\"auto\">\u00a0various Sanctions lists enforced by your country.<\/span><span data-contrast=\"auto\">\u00a0If a\u00a0<\/span><span data-contrast=\"auto\">client\u00a0<\/span><span data-contrast=\"auto\">is<\/span><span data-contrast=\"auto\">\u00a0a\u00a0<\/span><span data-contrast=\"auto\">PEP<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0you must treat the<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">client as high-risk, and apply enhanced due diligence\u00a0<\/span><span data-contrast=\"auto\">(EDD)\u00a0<\/span><span data-contrast=\"auto\">at the time of onboarding\u00a0<\/span><span data-contrast=\"auto\">as well as on an ongoing basis. This is necessary to establish any changes in risk assessment\u00a0<\/span><span data-contrast=\"auto\">during new relationship formations<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">If you are a bank or other financial institution, this<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">must b<\/span><span data-contrast=\"auto\">e done during<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">the<\/span><a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/know-your-customer\/\" rel=\"noopener\"><span data-contrast=\"auto\">\u00a0K<\/span><span data-contrast=\"auto\">now-<\/span><span data-contrast=\"auto\">Y<\/span><span data-contrast=\"auto\">our-<\/span><span data-contrast=\"auto\">C<\/span><span data-contrast=\"auto\">ustomer (KYC)<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">proces<\/span><span data-contrast=\"auto\">s\u00a0<\/span><\/a><span data-contrast=\"auto\">as part of\u00a0<\/span><span data-contrast=\"auto\"><a href=\"https:\/\/insights.namescan.io\/knowledgebase\/customer-due-diligence\/\">customer due diligence<\/a> (<\/span><span data-contrast=\"auto\">CDD<\/span><span data-contrast=\"auto\">)<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">Although\u00a0<\/span><span data-contrast=\"none\">you are<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">not prohibited from providing services to\u00a0<\/span><span data-contrast=\"none\">a\u00a0<\/span><span data-contrast=\"none\">PEP<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">i<\/span><span data-contrast=\"auto\">n the case of a positive alert,\u00a0<\/span><span data-contrast=\"none\">enhanced scrutiny is required\u00a0<\/span><span data-contrast=\"none\">of<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">the<\/span><span data-contrast=\"none\">\u00a0PEP\u2019s\u00a0<\/span><span data-contrast=\"none\">banking account and business relationships.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">However, for Sanctions screening, the rules differ. If the client falls in a Sanctions\u00a0<\/span><span data-contrast=\"none\">l<\/span><span data-contrast=\"none\">ist, you must follow the rules of y<\/span><span data-contrast=\"none\">our country. Some like the USA\u00a0<\/span><span data-contrast=\"none\">do not allow you to\u00a0<\/span><span data-contrast=\"none\">onboard a client that is found sanctioned, under any of its lists.\u00a0<\/span><span data-contrast=\"none\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p aria-level=\"2\"><b><span data-contrast=\"none\">Benefits of\u00a0<\/span><\/b><b><span data-contrast=\"none\">PEP and Sanctions\u00a0<\/span><\/b><b><span data-contrast=\"none\">screening<\/span><\/b><b><span data-contrast=\"none\">\u00a0for your business compliance<\/span><\/b><b><span data-contrast=\"none\">\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The huge number of lists, spellings, aliases, and the massive volume of global alerts; make it difficult for businesses to correctly identify a person or company on the PEP\/Sanctions\u00a0<\/span><span data-contrast=\"auto\">or\u00a0<\/span><span data-contrast=\"auto\">Watch<\/span><span>\u00a0<\/span><span data-contrast=\"auto\">lists. The challenge<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">\u00a0of the high number of false positive alerts and dynamic databases also make compliance a cumbersome process. Despite this, the benefits of an automated PEP\/Sanctions\u00a0<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">creening system are many, and outdo the minor irritants.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Screenings are carried out at a reasonable cost,\u00a0<\/span><span data-contrast=\"auto\">whether<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">you are a<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">SMB or a\u00a0<\/span><span data-contrast=\"auto\">large corporation.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Performing automated checks with a\u202fPEP\/Sanctions screening tool\u202fcuts down the manual process, and eases the administrative burden.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Screenings can be customised to the<\/span><span data-contrast=\"auto\">\u00a0requirements of your business, and risk assessment.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Customers who<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">generate<\/span><span data-contrast=\"auto\">\u00a0a positive alert\u00a0<\/span><span data-contrast=\"auto\">from<\/span><span data-contrast=\"auto\">\u00a0a PEP\/Sanctions screening can be subjected to ongoing EDD or country-rules, to safeguard the interests of your business.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">At any\u00a0<\/span><span data-contrast=\"auto\">stage,<\/span><span data-contrast=\"auto\">\u00a0you can consider submitting a SAR or de-risking<\/span><span data-contrast=\"auto\">\u00a0of<\/span><span data-contrast=\"auto\">\u00a0your business relationship, if the EDD checks reveal illicit source<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">\u00a0of wea<\/span><span data-contrast=\"auto\">l<\/span><span data-contrast=\"auto\">th or dubious money trails.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">By following a system of compliance as per the laws of your country, and checking for PEP and\u00a0<\/span><span data-contrast=\"auto\">S<\/span><span data-contrast=\"auto\">anctions as mandated, you can prove compliance and waive off any potential penalty if the customer is found guilty of malpractices.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">You can document all alerts in a case management system for your internal compliance audits.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">National PEPs can be screened\u00a0<\/span><span data-contrast=\"none\">differently from F<\/span><span data-contrast=\"none\">oreign PEPs,\u00a0<\/span><span data-contrast=\"none\">to accommodate\u00a0<\/span><span data-contrast=\"none\">different compliance regulations.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"none\">Screening\u00a0<\/span><span data-contrast=\"none\">is a part of<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">KYC\/IDV services<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">and<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">establish<\/span><span data-contrast=\"none\">es<\/span><span data-contrast=\"none\">\u00a0that suitable measures<\/span><span data-contrast=\"none\">\u00a0have been taken by your business t<\/span><span data-contrast=\"none\">o validate a customer<\/span><span data-contrast=\"none\">\u00a0and create appropriate risk\u00a0<\/span><span data-contrast=\"none\">profile<\/span><span data-contrast=\"none\">s.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">In the case of high-risk industries or businesses, screening helps to\u00a0<\/span><span data-contrast=\"auto\">strategise<\/span><span data-contrast=\"auto\">\u00a0and measure the regulatory impact of business decisions.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0fc\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">In a\u00a0<\/span><span data-contrast=\"auto\">rapidly changing env<\/span><span data-contrast=\"auto\">ironment of tax rules, screening\u00a0<\/span><span data-contrast=\"auto\">additionally\u00a0<\/span><span data-contrast=\"auto\">helps to measure\u00a0<\/span><span data-contrast=\"auto\">the<\/span><span data-contrast=\"auto\">\u00a0tax impact o<\/span><span data-contrast=\"auto\">f<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">client relationships<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:714,&quot;335559739&quot;:120,&quot;335559740&quot;:360,&quot;335559991&quot;:357}\">\u00a0<\/span><\/li>\n<\/ul>\n<p aria-level=\"2\"><b><span data-contrast=\"none\">PEP and Sanctions\u00a0<\/span><\/b><b><span data-contrast=\"none\">s<\/span><\/b><b><span data-contrast=\"none\">creening\u00a0<\/span><\/b><b><span data-contrast=\"none\">compliance by region\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Although, most countries are required to screen for PEP and Sanctions as\u00a0<\/span><span data-contrast=\"auto\">a\u00a0<\/span><span data-contrast=\"auto\">KYC procedure, some countries have different or specific rules.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Here are\u00a0<\/span><span data-contrast=\"auto\">some of the key\u00a0<\/span><span data-contrast=\"auto\">PEP\/Sanctions screening laws by region:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p aria-level=\"3\"><b><span data-contrast=\"none\">USA<\/span><\/b><b><span data-contrast=\"none\">\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p aria-level=\"3\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/a\/a4\/Flag_of_the_United_States.svg\/1280px-Flag_of_the_United_States.svg.png\" alt=\"Flag of the United States \" width=\"313\" height=\"165\" \/><\/p>\n<p><span data-contrast=\"auto\">Under the USA PATRIOT Act,\u00a0<\/span><span data-contrast=\"auto\">t<\/span><span data-contrast=\"auto\">he customer identification programme (CIP) and CDD\u00a0<\/span><span data-contrast=\"auto\">compliance<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">makes\u00a0<\/span><span data-contrast=\"auto\">PEP\/Sanctions screening<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">compulsory.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">PEP\u00a0<\/span><span data-contrast=\"auto\">screening\u00a0<\/span><span data-contrast=\"auto\">includes\u00a0<\/span><span data-contrast=\"auto\">screening for\u00a0<\/span><span data-contrast=\"auto\">senior foreign political figures, and immediate family\u00a0members and their connections<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">as well as for <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/ultimate-beneficial-owner\/\" rel=\"noopener\">beneficial owners<\/a> (BOs).<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The OFAC\u202fplaces embargo on foreign terrorists, international narcotics traffickers, and those engaged in activities that are considered a threat to the national security of the U.S.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As a business in the USA, you must therefore conduct Sanctions screening checks against the SDN List and all other lists published by OFAC, like the Foreign Sanctions Evaders List, the Non-SDN Iran Sanctions Act List, and so on.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Any business registered or operating out of the USA is prohibited from dealing with a person or account holder belonging to a\u00a0<\/span><span data-contrast=\"auto\">S<\/span><span data-contrast=\"auto\">anctions list.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p aria-level=\"3\"><b><span data-contrast=\"none\">CANADA<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p aria-level=\"3\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/d\/d9\/Flag_of_Canada_%28Pantone%29.svg\" alt=\"Flag of Canada \" width=\"304\" height=\"151\" \/><\/p>\n<p><span data-contrast=\"none\">Under <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/canada-launch-aml-task-force-to-close-legislative-and-regulatory-gaps\/\" rel=\"noopener\">Canada\u2019s Regulator<\/a>,\u00a0<\/span><span data-contrast=\"none\">FINTRAC:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">T<\/span><span data-contrast=\"none\">he period for PEP and sanctions check\u00a0<\/span><span data-contrast=\"none\">is<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">from the beginning of the business relationship<\/span><span data-contrast=\"none\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Businesses must check whether the account is opened for a Foreign or Domestic PEP, or a\u00a0member\u00a0of close association.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Periodic monitoring is mandated\u00a0<\/span><span data-contrast=\"none\">based on<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">risk<\/span><span data-contrast=\"none\">\u00a0product lines, and\u00a0<\/span><span data-contrast=\"none\">activities.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Where an entity is found to be\u00a0<\/span><span data-contrast=\"none\">a\u00a0<\/span><span data-contrast=\"none\">PEP,\u00a0<\/span><span data-contrast=\"none\">EDD and ascertaining the\u00a0<\/span><span data-contrast=\"none\">source of\u00a0<\/span><span data-contrast=\"none\">their\u00a0<\/span><span data-contrast=\"none\">funds<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">is expected.\u00a0<\/span><span data-contrast=\"none\">S<\/span><span data-contrast=\"none\">tricter transaction monitoring controls\u00a0<\/span><span data-contrast=\"none\">are<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">compulsory\u00a0<\/span><span data-contrast=\"none\">for\u00a0<\/span><span data-contrast=\"none\">foreign PEPs.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Sanctions list<\/span><span data-contrast=\"none\">s<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">are<\/span><span data-contrast=\"none\">\u00a0maintained by the Office of the Superintendent of Financial Institutions (OSFI).\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Every business\u00a0<\/span><span data-contrast=\"none\">conducting financial transactions within Canada or with Canadian citizens\u00a0<\/span><span data-contrast=\"none\">is required to\u00a0<\/span><span data-contrast=\"none\">search against\u00a0<\/span><span data-contrast=\"none\">Designated Persons\u00a0<\/span><span data-contrast=\"none\">listed in the\u00a0<\/span><span data-contrast=\"none\">Justice for Victims of Corrupt Foreign Officials Regulations<\/span><span data-contrast=\"none\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Monetary transactions, property dealings and financial services\u00a0<\/span><span data-contrast=\"none\">are not permitted with<\/span><span data-contrast=\"none\">\u00a0Designated Person<\/span><span data-contrast=\"none\">s<\/span><span data-contrast=\"none\">\u00a0found in Sanctions screening.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p aria-level=\"3\"><b><span data-contrast=\"none\">EU<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p aria-level=\"3\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/images-na.ssl-images-amazon.com\/images\/I\/614JLqsvMoL._AC_SL1500_.jpg\" alt=\"Amazon.com : European Union (EU) Flag - 3 foot by 5 foot Polyester ...\" width=\"312\" height=\"208\" \/><\/p>\n<p><span data-contrast=\"auto\">KYC checks at the time of client onboarding include PEPs, Sanction<\/span><span data-contrast=\"auto\">ed\/High-risk Countries screening\u00a0<\/span><span data-contrast=\"auto\">and Beneficial Ownership checks.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Any <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/identity-verification\/\" rel=\"noopener\">PEP or customer from high-risk third countries<\/a> listed by EU Commission require enhanced due diligence.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Sanctions\u00a0<\/span><span data-contrast=\"auto\">screening includes checks against the<\/span><span data-contrast=\"auto\">\u00a0EU sanction<\/span><span data-contrast=\"auto\">ed countries<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">and High-risk countries that EU\u00a0<\/span><span data-contrast=\"auto\">considers defi<\/span><span data-contrast=\"auto\">cie<\/span><span data-contrast=\"auto\">nt<\/span><span data-contrast=\"auto\">\u00a0in their AML\/CTF regimes.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The<\/span><span data-contrast=\"auto\">\u00a0rules<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">apply to financial institutions and individuals within the territory or jurisdiction of the European\u00a0<\/span><span data-contrast=\"auto\">Union<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p aria-level=\"3\"><b><span data-contrast=\"none\">UK<\/span><\/b><\/p>\n<p aria-level=\"3\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:200,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/a\/ae\/Flag_of_the_United_Kingdom.svg\/1200px-Flag_of_the_United_Kingdom.svg.png\" alt=\"Flag of the United Kingdom - Wikipedia\" width=\"305\" height=\"153\" \/>\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Financial institutions, tax professionals, providers of virtual currencies and those trading in luxury goods such as art dealers, are included within the definition of &#8216;obliged entities&#8217; for <a target=\"_blank\" href=\"https:\/\/namescan.io\/Coverage.aspx\" rel=\"noopener\">PEP\/Sanctions screening compliance<\/a>.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The use of digital identity and automated screening in the customer onboarding process wherever possible<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">in the customer onboarding proces<\/span><span data-contrast=\"auto\">s IS ADVISED wherever possible.<\/span><span data-contrast=\"auto\">\u00a0\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The UK consolidated list of financial sanctions targets applies to:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0be\" data-font=\"Symbol\" data-listid=\"10\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">A<\/span><span data-contrast=\"auto\">ll <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/knowledgebase\/identity-verification\/\" rel=\"noopener\">UK citizens<\/a>, wherever they are in the world<\/span><span data-contrast=\"auto\">, and\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0be\" data-font=\"Symbol\" data-listid=\"10\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">C<\/span><span data-contrast=\"auto\">orporate entities trading in, or constituted in the UK<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">The Office of Financial Sanctions Implementation (OFSI)\u00a0<\/span><span data-contrast=\"auto\">administers sanctions<\/span><span data-contrast=\"auto\">\u00a0in the\u00a0<\/span><span data-contrast=\"auto\">UK.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p aria-level=\"2\"><b><span data-contrast=\"none\">What are the considerations for selecting an anti-money laundering solution for PEP<\/span><\/b><b><span data-contrast=\"none\">\/Sanctions<\/span><\/b><b><span data-contrast=\"none\">\u00a0<\/span><\/b><b><span data-contrast=\"none\">S<\/span><\/b><b><span data-contrast=\"none\">creening?\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:200,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">So now that you know why you must conduct a PEP\/Sanctions screening as part of your new client onboarding process, what must you do?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As a business looking for solutions for your PEP\/Sanctions screening, you will need to have your risk assessments in place before you shop for the perfect tool.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Consider<\/span><span data-contrast=\"auto\">\u00a0the following criteria:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">What is the scope of the\u00a0<\/span><span data-contrast=\"auto\">tool<\/span><span data-contrast=\"auto\">? Does the database\u00a0<\/span><span data-contrast=\"auto\">c<\/span><span data-contrast=\"auto\">ontain information about PEPs, their families and the<\/span><span data-contrast=\"auto\">ir associates?<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">Does<\/span><span data-contrast=\"auto\">\u00a0it also include other high-risk individuals or those named on <a target=\"_blank\" href=\"https:\/\/insights.namescan.io\/what-is-watchlist-screening\/\" rel=\"noopener\">government\u00a0<\/a><\/span><span data-contrast=\"auto\">W<\/span><span data-contrast=\"auto\">atch<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">lists?\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:567,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">How\u00a0<\/span><span data-contrast=\"auto\">does the tool filter matches? How frequently is it updated?\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:567,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">What sources\u00a0<\/span><span data-contrast=\"auto\">and lists\u00a0<\/span><span data-contrast=\"auto\">does the\u00a0<\/span><span data-contrast=\"auto\">vendor\u00a0<\/span><span data-contrast=\"auto\">database use?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:567,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">We at\u00a0<\/span><span data-contrast=\"auto\">NameScan<\/span><span data-contrast=\"auto\">\u00a0use the most sophisticated methods for screening and filtering\u00a0<\/span><span data-contrast=\"auto\">our\u00a0<\/span><span data-contrast=\"auto\">database for PEP\/Sanctions checks. What\u2019s more, we update our screening tools against the lists\u00a0<\/span><span data-contrast=\"auto\">daily<\/span><span data-contrast=\"auto\">. We invest considerably into designing algorithms\u00a0<\/span><span data-contrast=\"auto\">to minimise\u00a0<\/span><span data-contrast=\"auto\">false matches<\/span><span data-contrast=\"auto\">, w<\/span><span data-contrast=\"auto\">hich makes\u00a0<\/span><span data-contrast=\"auto\">NameScan<\/span><span data-contrast=\"auto\">\u00a0the perfect go-to tool<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">\u00a0for your business<\/span><span data-contrast=\"auto\">\u2019 AML\/CTF<\/span><span data-contrast=\"auto\">\u00a0compliance<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:120,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/namescan.io\/PEP_and_Sanction.aspx\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-10167\" src=\"https:\/\/13.239.146.144\/wp-content\/uploads\/2018\/04\/PEP.jpg\" alt=\"PEP and Sanction Screening\" width=\"1584\" height=\"432\" srcset=\"https:\/\/namescan.io\/insights\/wp-content\/uploads\/2018\/04\/PEP.jpg 1584w, https:\/\/namescan.io\/insights\/wp-content\/uploads\/2018\/04\/PEP-300x82.jpg 300w, https:\/\/namescan.io\/insights\/wp-content\/uploads\/2018\/04\/PEP-1024x279.jpg 1024w, https:\/\/namescan.io\/insights\/wp-content\/uploads\/2018\/04\/PEP-768x209.jpg 768w, https:\/\/namescan.io\/insights\/wp-content\/uploads\/2018\/04\/PEP-1536x419.jpg 1536w, https:\/\/namescan.io\/insights\/wp-content\/uploads\/2018\/04\/PEP-1320x360.jpg 1320w, https:\/\/namescan.io\/insights\/wp-content\/uploads\/2018\/04\/PEP-600x164.jpg 600w\" sizes=\"auto, (max-width: 1584px) 100vw, 1584px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 AML\/CTF\u00a0compliance begins with mandatory client verification and screening for Politically Exposed Persons (PEPs)\/Sanctions. According to the\u00a0Financial Action Task Force\u00a0(FATF)\u00a0Directives, all businesses considered high-risk, must screen their clients at the time of onboarding to check for PEP, Relative and Close Associates (RCA), or\u00a0Sanctions. This is mandated at the time of client onboarding, and\u00a0the\u00a0establishment of a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4460,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"footnotes":""},"categories":[85],"tags":[87,177,95,175,178,121,145,169,176],"class_list":["post-4459","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-blog-post","tag-aml","tag-anti-money-laundering","tag-compliance","tag-crypto","tag-enhanced-due-diligence-for-high-risk-customers","tag-fatf","tag-fincen","tag-money-laundering","tag-vasp","post_format-post-format-image"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why you need PEP and Sanctions Screening for your business\u2019 AML\/CTF compliance?<\/title>\n<meta name=\"description\" content=\"AML\/CTF\u00a0compliance begins with mandatory client verification and screening for Politically Exposed Persons (PEPs)\/Sanctions. 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According to the\u00a0Financial Action Task Force\u00a0(FATF)\u00a0Directives, all businesses considered high-risk, must screen their clients at the time of onboarding to check for PEP, Relative and Close Associates (RCA), or\u00a0Sanctions. 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According to the\u00a0Financial Action Task Force\u00a0(FATF)\u00a0Directives, all businesses considered high-risk, must screen their clients at the time of onboarding to check for PEP, Relative and Close Associates (RCA), or\u00a0Sanctions. 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