Identify PEPs and terror suspects efficiently

Excel-based and online.

The challenge

Companies with comparatively small address databases often find themselves unable to meet compliance requirements. However, these checks are required by law and are often demanded by business partners. On the one hand, it is necessary to regularly compare debtors and creditors against the so-called terror and sanctions lists. On the other hand, the companies listed in the Money Laundering Act are obliged to identify politically exposed persons.

The solution

The Cloud Services create simple and cost-effective access to the TOLERANT products TL Sanction and TL PEP. They were developed for the fast and efficient implementation of compliance requirements. Advanced basic Excel knowledge is all that is required for use. A connection to existing systems is not necessary. In addition to Excel (version 2007 or higher), all you need is Internet access and, if applicable, an export function for standard file formats (CSV or TXT) in your address management solution. No installation or lengthy setup of software is required.

The database

Precise data matching requires powerful matching tools and a reliable, up-to-date database. TOLERANT Sanction/PEP use error-tolerant procedures. Even slight deviations in the data to be checked usually lead to undoubted results.

We keep the databases stored in TOLERANT Sanction/PEP up to date. The data either comes from public sources (sanction lists) or is prepared by our partner info4c (PEP lists). TOLERANT PEP uses info4c PEP Desk™.

Relevant industries for the PEP audit (§ 2 German Money Laundering Act):

• Financial companies
• casinos
• Internet gambling operators
• Real estate agents
• tax consultants
• Accountants
• Insurance intermediaries
• etc.

Sanctions list check for whom?

According to the EU Regulation, the sanctions list check must be carried out for all transactions. This applies to all traders and even to domestic transactions. All parties involved in the transaction should be checked.

Consequences (exemplary):

• Increased due diligence on PEPs.
• Reporting of suspected cases of money laundering
• Discontinuation of the business relationship and, if necessary, freezing of funds until further clarification.