A PEP, or politically exposed person, is an individual who has a prominent public function, as well as his or her family members and close personal or business ties. Examples of PEPs include heads of government or heads of state, senior politicians and government officials, military or judicial officials, senior executives of state-owned organizations and high-up political party officials. Because of their position and potential influence, PEPs often present a greater risk for involvement in such crimes as corruption, money laundering and bribery.
A PEP database, therefore, is a large, searchable database – often containing hundreds of thousands of both public and private profiles of international PEPs – that you can access to identify PEPs and uncover reputable, factual information about them. It generally includes such data as names, aliases, dates of birth, national identification numbers, photographs, legal history, negative news items and more.
Businesses can use such databases, such as WorldPEP, to perform thorough background checks on individuals with whom they wish to do business to make sure that the PEP’s influence will not impact the best interests of their organization. Ultimately, a PEP database is a powerful and critical tool in a company’s due diligence arsenal that will increase their screening efficiency and mitigate costly risk.
WorldPEP is a PEP screening database designed to enable you check your client records against verified list of Politically Exposed Persons (PEP), Specially Designated Individuals (SDN), and Internationally Sanctioned Persons (ISP). WorldPEP has been developed to assist reporting entities in meeting their obligations under AML/CTF regulations in an efficient, user-friendly, and cost-effective manner. WorldPEP is designed to reduce your institution’s potential exposure to PEP and KYC risk using a bespoke platform to provide up-to-date risk profiles of politically exposed persons and sanctioned individuals.