The Fourth Money Laundering Directive (4MLD) is being enshrined in English law on the 26th of June 2017. For more information of what exactly this means please visit here.
In anticipation of some of these changes we have been working on making our clients lives a little easier.
One of the most important issues is the need to better know your client and particularly their Politically Exposed Person (PEP) status. A PEP is someone who has been elected and holds a position of power such as, but not limited to, a Member of Parliament.
Once you know that someone is a PEP there is a need to carry out a heightened level of due diligence not just on them but mainly on their source of funds. This is to essentially ensure that, any funds being deposited or used to pay for a product being sold by you, has come from a legitimate source and is not the proceeds of, for example, bribery or corruption. To handle such funds for a client can put a firm at risk of being party to money laundering.
SanctionsSearch.com as part of our ValidID tool has always provided a PEP search, however our latest update is designed to offer users the update technology currently being used within the sanctions platform. This means that if you screen a client today and they become a PEP tomorrow, next week, or next month your account will warn you of that potential exposure so you can ensure that all your due diligence is appropriate for the level of risk that client may pose your firm.
PEP screening is nothing like sanctions screening, due mainly to the fact that PEP lists are not free. Sanctions lists are freely available from the various authorities around the globe this is the main reason SanctionsSearch.com can bring sanctions screening to users at such an affordable cost.
However, PEP lists are compiled by large research teams all over the world and this level of resources has a significant cost.
Our PEP list is a global list so users from outside the United Kingdom will also benefit from this great addition to our system.
With that in mind our retail cost for PEP screening is £2.00 plus vat per individual per year.
That being said, if you would like to use this product please speak to us direct, as existing users will get preferential pricing and we are also offering very competitive discounts for volume screening.
To contact us please call 0843 713 0 777 and we will be happy to help.