Know your customer
The money laundering regulations require that you do proper due diligence as part of your Know Your Customer procedures. This involves initial AML checks, which will identify and verify the client, as well as PEP screening, which will alert you to whether or not the customer is high risk. If their name matches with our PEP list, you must then complete Enhanced Due Diligence to ascertain the level of risk that they may pose.
Monitoring AML manually is difficult, time consuming and open to error. The PEP online version is however the perfect step to determine if the prospect client, is a PEP.
AML monitoring is the process of keeping a regular check on the client going forward. Once initial checks (via PEP online) have been completed, every client needs to be monitored for any changes to their status and therefore, any heightened risk to your business. This can easily be accomplished by use of the Matching module. The most efficient, accurate and cost-effective way of monitoring though is using the automatic monitoring service where your AML/CFT monitoring software is connected to our PEP database. This solution will greatly minimize the number of false positives returned, so that you are only alerted when a true match is made.