A politically exposed person (PEP) is loosely defined as someone who has been entrusted with a prominent public function. The identification of PEPs, their family members and close associates is a key aspect of risk-based due diligence processes to prevent, or at least detect and report, potential money laundering.

Interpretation of the PEP definition varies by country, legislation, social, economic and cultural context. Organisations who do business with, or handle funds from a PEP without the appropriate due diligence procedures need to be aware of the possible consequences. Many companies choose to screen their clients against a PEP database not only to comply with anti-money laundering regulations, but also as part of their overall risk-based program.

LexisNexis® WorldCompliance™ Data assists with your Enhanced Due Diligence and AML PEP processes. Containing a PEP list with over 2.3 million politically exposed persons and foreign officials, it will help you understand the risk associated with an individual.

This extensive source of information will help you determine whether your clients are politically exposed or a family member or close associate of a PEP. You can access our WorldCompliance™ dataset through a number of our solutions. Talk to us today and learn how we can help you with your PEP list screening.