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We acknowledge that PEP verification is a critical component of your organization’s AML/CFT compliance efforts . Our skilled team is well-versed in the particulars of PEP identification and verification in the UAE and around the world. We assist businesses in meeting regulatory obligations, mitigating reputational risks, and maintaining a strong AML/CFT compliance programme by providing bespoke solutions for PEP verification.
Individuals who hold prominent public positions or possess close ties to those in power are classified as Politically Exposed Persons (PEPs). In light of their power and access to resources, they may pose a higher risk of corruption and money laundering
Assess the risk associated with each PEP, considering factors such as their position, jurisdiction, and potential exposure to corruption.
Conduct in-depth background checks on high-risk PEPs, including their sources of wealth and funds.
Regularly monitor PEPs for any changes in their status or risk profile, and update your risk assessments accordingly.
Ensure your business is fully protected and compliant with a strong AML/CFT framework.
Stay compliant with AML/CFT regulations by effectively identifying and managing PEP-related risks.
Safeguard your business reputation by minimizing the risk of being associated with corrupt practices.
Make informed decisions about your clients based on accurate PEP risk assessments.
Improve your client onboarding process by incorporating PEP verification into your due diligence procedures.
By working with Chartered AML Consultants, you can ensure the security and compliance of your business while minimizing the risks of financial crime.
We tailor our services to meet the unique needs and requirements of your organization.
Our team has extensive experience and knowledge of the UAE’s AML/CFT regulatory reporting requirements.
Benefit from our ongoing support and monitoring services, ensuring your risk assessments are always up-to-date.
Leverage state-of-the-art technology and access to global databases to identify and assess PEPs accurately.
A Politically Exposed Person (PEP) is an individual who holds, or has held, a prominent public position or function, as well as their close family members and associates. This can include politicians, senior government officials, executives of state-owned enterprises, and judges, among others.
A domestic PEP is an individual who holds a prominent public position within their own country. A foreign PEP, on the other hand, is an individual who holds a prominent public position in a different country. Both types of PEPs may pose a higher risk of corruption and money laundering due to their influence and access to resources.
PEP verification should be conducted as part of your initial client onboarding process and on an ongoing basis to ensure that any changes in a client’s PEP status or risk profile are identified and assessed promptly. The frequency of ongoing monitoring will depend on the risk level associated with each PEP, with higher-risk clients requiring more frequent reviews.