Politically Exposed Persons (PEPs) are those individuals who are recognized with being at higher risk of money-laundering or other financial frauds that comes with them holding a higher position or being in close contact with those at higher levels or possibly in political circumstances.
They are those individuals who may be entrusted with a lot of responsibility and are thus vulnerable to malpractices such as bribery and corruption.
AML PEPs and Global Sanctions Screening is a process of scanning people, groups, or organizations in general against a line of sanctioned entities. It aims at identifying and conducting due diligence on Politically Exposed Persons (PEPs) to check for any Anti-Money Laundering (AML) practices beforehand.
PEPs oversee large sums of money and other important finance-related services at the higher levels of an organization. With improper handling and lack of background screening of these candidates, the organization is majorly put at risk. They are very crucial to the Know Your Customer (KYC) processes.
