TL PEP
Check customer base regularly
Important for financial institutions and insurance companies: TL PEP regularly checks your complete customer and supplier inventory as a batch comparison and compares it quickly and reliably with PEP lists.
PEP list check according to the Money Laundering Act
The EU Anti-Money Laundering Directive requires special due diligence for business relationships with politically exposed persons (PEP). By definition, PEPs are natural persons, for example, politicians who need to be more strictly vetted for money laundering. For this purpose, these persons must be reliably identified before entering into a business relationship. But how do you identify PEPs when they register at a casino? How can I tell if a lottery player is on a PEP list? Financial service providers such as banks and insurance companies are also challenged: They all have to identify customers who are on PEP lists.
Error-tolerant matching procedures for unambiguous results
There are currently about 650,000 politically exposed persons worldwide. TL PEP is a high-performance software solution that quickly, error-tolerantly and reliably matches your customer data against PEP lists. Identify PEP easily and completely automatically: whether in real time directly during data entry or as a regular check of all customer data in the batch version. TL PEP meets all requirements for effective compliance screening. Unique hits are marked. Possible hits can be displayed to the user for further processing.
TL PEP works with special error-tolerant search methods. Even if the spelling differs, you will get valid results.
Example of an error-tolerant PEP list check:
| Record | Name | Birthday | Function |
|---|---|---|---|
| query | Knuth Bär | ||
| result | Dag Knut Baehr | xx.xx.1965 | Militär |
| query | Amir Weigel | ||
| result | Amei Wiegel | xx.xx.1949 | ExPEP |
PEP list check in real time or as batch match
In the batch version, TL PEP regularly compares your complete address database with the PEP lists. The stand-alone software checks all data and marks the matches.
TL PEP also checks your customer data directly during registration or data entry in real time. A web application and the service component are available for this purpose. Both applications can be flexibly integrated into many systems. The comparison of customer data with the PEP lists takes only a few milliseconds and takes place either interactively or automatically.
Optional reference data: info4c PEP Desk™
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- Most comprehensive PEP list with worldwide coverage.
- Approximately 650,000 politically exposed persons (PEPs) from over 240 countries and territories, usually from official sources
- Meets requirements of the Financial Action Task Force (FATF), money laundering regulations, and legislators worldwide
- Info4c PEP Desk™ includes, among others:
- Heads of State/Government
- Government/cabinet members
- Members of Parliament
- Members of the Supreme Courts
- National bank presidents and senior administration members
- Political and religious leaders
- Senior military officers
- Chairmen of state-owned companies
- Regional officials
- Ambassadors/embassy officials
- International organizations
- Relatives and ExPEP
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.
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Core functions
- Comprehensive and error-tolerant search with inclusion of available fields such as date of birth and more
- Matching rules and matching formats individually configurable
- Logging of results
As an intelligent web service
- Configurable, error-tolerant procedures for fuzzy searches
- High performance in real-time operation
- Optionally as local solution or software as a service (SaaS)
- Standardized interfaces for simplified integration
As batch matching
- Bulk data processed in CSV file format
- Database connection or integration into ETL processes possible upon request
Your benefits
- Secure and reliable PEP list checking
- Real-time verification during acquisition
- Error-tolerant matching procedure for optimal results
- Upn request: full-service solution with regular data updates
- Solutions for individual requirements
Technical features
- Supports Windows Server, Linux, Solaris as well as other Unix systems (upon request)
- Runs in virtualized system environments
- Optimized for multi-core platforms
- Scalable for databases of up to 100 million customer records
- Short response times with many parallel users
- Highly available, as cluster-capable
- Standalone use with own integrated data management
- Optionally combinable with databases (e.g. Oracle, Postgres, MongoDB)
International character sets
- UTF-8 support for a wide range of international characters
- Transliteration framework for processing e.g. Chinese, Arabic or Hebrew data
Application Scenario
- Input check in the data entry dialog, e.g. when registering visitors to a casino, during the web-based entry of account or securities account data of a bank or a broker
- Comparison of the existing customer base with PEP lists
Integration Options
- Comparison of the existing customer base with PEP lists
- Integration into batch processes for data management via file interfaces
- IIntegrates with ETL tools via web service or file interface (Informatica, Talend, Pentaho Data Integration or similar)
TL PEP can do all that:
PEP list check in real time
Reliable and fast results for financial institutions, banks, casinos, gambling operators and commercial merchants: TL PEP checks addresses in real time during data entry.
Check external data before transfer
More security for collection agencies and other companies: TL PEP checks customer data from external sources before data transfer as batch matching.