The PEP/AML Module is a tool designed to help your business navigate the complexities of anti-money laundering (AML) regulations. It operates as part of your compliance flow, automatically screening and monitoring key compliance risks when initiated, allowing you to focus on what matters most—running your business.
What is the PEP/AML Module?
The PEP/AML Module is a compliance tool that ensures your business isn't unknowingly exposed to high-risk individuals or entities. When activated, it performs checks and monitoring for:
PEPs (Politically Exposed Persons): Individuals in prominent public positions who may pose potential risks to your business due to their political influence.
Sanctions: It screens global sanctions lists to identify individuals or entities under sanctions, helping you avoid doing business with restricted or penalized entities.
Adverse Media: The module checks for negative press coverage that might indicate involvement in criminal activity or financial misconduct, helping you stay informed about potential risks.
How Does the PEP/AML Module Work?
The PEP/AML Module runs as part of a workflow process and is not visible to your end-users. It requires two key inputs:
Full Name: The person's complete name.
Year of Birth: This helps narrow down the identity of the individual to avoid false matches.
These details can be gathered dynamically through forms or other integrations, allowing the system to screen individuals as they interact with your business. Once set up, the module runs in the background, checking against PEP, sanctions, and adverse media lists, and alerts you if there's a potential risk.
Why is PEP/AML Important?
In today's regulatory environment, businesses must ensure they aren't inadvertently associated with money laundering or reputational damage. The PEP/AML Module helps protect your business by screening for these risks, enhancing your compliance efforts without disrupting your workflow.
Key Benefits of the PEP/AML Module
Targeted Risk Management: The module screens for PEPs, sanctions, and adverse media based on set workflows, giving you the insight needed to manage risks effectively.
Efficient Screening: It's designed to be easy to use, allowing for accurate, streamlined compliance checks when needed.
Peace of Mind: With the PEP/AML Module, you can feel confident that your business remains compliant with AML regulations and protected from potential risks.
How to Get Started with PEP/AML
The PEP/AML Module can be set up as part of your business processes. If you're not currently using it and would like more information, contact our support team. They can help integrate the required inputs into your existing workflow to streamline the compliance process.