A PEP & Sanctions Check is an AML check that determines whether your client is a Politically Exposed Person (PEP) and checks whether they appear on the UK Financial Sanctions List.
The check compares your client's details against official data sources and returns any potential matches for your review.
Why do I need to know if my client is a Politically Exposed Person (PEP)?
The Money Laundering Regulations 2017 require regulated businesses to identify whether a client is a Politically Exposed Person (PEP), or a family member or known close associate of a PEP, as part of their customer due diligence.
PEPs are individuals who hold, or have previously held, prominent public positions. Because of the influence associated with these roles, they may present a higher risk of bribery, corruption, or money laundering. Being a PEP does not mean the individual has done anything wrong, nor does it prevent you from acting for them.
For more information about Politically Exposed Persons, click here
Why do I need to know if my client is on a Sanctions List?
The Money Laundering Regulations 2017 require regulated businesses to check whether their clients are subject to financial sanctions as part of their customer due diligence.
Financial sanctions are imposed by the UK Government and can include measures such as asset freezes, restrictions on providing financial services, or prohibitions on making funds or economic resources available to designated individuals or organisations.
For more information about UK financial sanctions, including how they operate, click here