Politically Exposed Persons (PEPs) are individuals connected to high-level government roles, either directly, through family members, or close personal and business relationships. PEPs are considered high-risk customers or employees due to their proximity to power, which offers more opportunities to engage in unethical or unlawful behavior, such as nepotism, money laundering, or embezzlement. There are many types of PEPs, such as Parliament members, key people working in supreme courts, high ranking military officers, or members of international sports committees.
It’s important to be aware of PEPs because international AML/KYC regulations for financial services, banking, and other sectors often require ongoing monitoring. Institutions that fail to identify PEPs and breach sanctions are at risk of significant fines. The issue is that legacy providers use expensive, slow-moving, and error-prone human researches to compile PEP profiles. That’s why we created VITAL4PEP, the most robust PEP screening tool on the market.
VITAL4PEP is the first platform to leverage AI and machine learning to automatically create, enhance and update PEP profiles in real-time. With automated workflows and advanced algorithms, VITAL4PEP offers an easy, affordable solution for reducing reputational and financial risk while supporting smarter compliance decisions. VITAL4PEP automatically collects and curates the data you need in real-time, unlike legacy solution providers.
Not only does our VITAL4PEP solution reduce false positives up to 100% and deliver the most comprehensive PEP data possible, but it offers completely customizable results. When dealing with a PEP, you may need to take specific steps to prevent red flag activity. VITAL4PEP provides a variety of flexible options for accessing screening reports so you can seamlessly incorporate our data into your existing workflows. You’ll also have the option to include ongoing monitoring and receive alerts when there are changes to an existing PEP profile.
Do you think VITAL4PEP screening can help you? Contact us today to request a demo!