TL PEP

Check PEP lists more easily and quickly with software

It is possible to check politically exposed persons with the help of so-called PEP lists. In the past, companies usually checked these individuals manually, which took an enormous amount of time, but there are now software solutions that carry out checks automatically and document the data accordingly. The PEP lists include people who are associated with tax evasion, corruption and money laundering. In general, companies must check the PEP lists for all business contacts. It does not matter whether the persons concerned are customers, employees or suppliers. It is important that such checks are carried out very carefully.

Regular checks are important

However, a one-off check of the PEP lists is generally not enough. They must be repeated at regular intervals. But what is the difference between the sanctions list check and the PEP check? The PEP check is a check that only has to be carried out if there is reasonable suspicion of money laundering or terrorist financing. Larger companies with strong networks are affected much more frequently than very small companies. Checking the PEP lists generally corresponds to the internal due diligence obligations to which companies are subject before entering into corresponding business relationships. Real estate agents are subject to special control obligations. They must always carry out a check if either the buyer or the seller expresses a corresponding suspicion.

Minimize the effort of PEP list control

Particularly if you want to expand and extend your business relationships as an entrepreneur, you must ensure that you carry out PEP list checks regularly. Make sure you use modern software to drastically reduce the effort involved. In general, you can use this type of check not only to scrutinize national PEP lists, but also to closely monitor international lists.