What does PEP stand for?

The Complinet sanctions, enforcements and politically exposed persons data feed integrates and automatically downloads into the bank's AML system, inproving their ability to detect money laundering and fraud, and reduce risk.

Do you conduct business with government agencies or entities in which a foreign government has an ownership interest, or otherwise interact with Politically Exposed Persons (PEP's)?

Byline: pinto03 Datanomic, a provider of anti-money laundering solutions, has announced that Lloyd's, a provider of insurance services, has implemented its dn:Director Sanctions and Politically Exposed Persons Screening software as part of the fabric of Lloyd's internal central intelligence system.

Datanomic's services check customer names against Sanctions and Politically Exposed Persons (PEPs) and enable Vodafone to comply with worldwide anti money laundering regulation, including HM Revenue and Customs, multiple EU Anti-Money Laundering Directives, the USA Patriot Act, as well as central bank requirements such as the Central Bank of Kenya and the Central Bank of Tanzania.

Whilst the regulators go to great length to highlight that there is nothing wrong with doing business with a politician from any country, their guidance demands that in future banks must carry out further "due diligence" on their banking relationship with a Politically Exposed Person or "PEP".

The category of Politically Exposed Persons is a Swiss invention, which other states adopted.

Wiz Sentri: RiskID Advanced Intelligence Suite (AIS) - Provides a comprehensive batch filtering solution for Politically Exposed Person (PEP) compliance, high-risk customer detection and fraud prevention.

Enhanced customer due diligence: which must be applied when establishing a business relationship with, or conducting occasional transactions that involve, a customer or beneficial owner who is a politically exposed person, cross-border or correspondent banking, technology that 'might favour anonymity', a country that is not a member of FATF, or is otherwise by its nature high risk.