PEP SCREENING

The PEP screening process: Calculating customer risk scores for secure onboarding.

Businesses, especially those in the financial sector should find it in their company’s best interest to perform PEP screenings on their high risk clients. Politically exposed persons screening, or PEP screening, is the act of cross-checking individuals in positions of power against international watchlists, including sanction lists, to determine their risk score. Due to their influence, these PEPs generally have a higher risk of becoming involved in fraudulent or corrupt activities, making it essential for businesses to inspect them in order to ensure secure onboarding.

Bitventure’s software solution allows you to identify PEPs, conduct AML PEP checks, and calculate the risk that they pose to your business, all through a real-time digital risk scoring service.

The easy-to-use application returns comprehensive PEP reports containing the PEP’s verified personal information, a risk score, applicable watchlist types, and a watchlist status summary. Such results empower you to make better-informed decisions when onboarding new customers and suppliers.

How it works

Enter the customer’s or supplier’s name and surname.

Submit the details to be traced against global PEP watchlists.

Receive the risk score and status in a matter of seconds.

Schedule a Demo

Key Benefits

Reduce Risk

Avoid onboarding high-risk consumers and fraudsters.

Save Time

Cut time-consuming screening procedures short with real-time results.

Save Money

Prevent fraudulent transactions, reduce costs and increase revenue.

Reduce Errors

Receive accurate and up-to-date PEP reports from global watchlists.

Reduce Paperwork

Reduce the need for manual paperwork and physical document handling.

Summary

The PEP Screening process uses software solutions that screen individuals against PEP watchlists from ‘Sanctions’ to ‘Most Wanted’ lists. These lists are updated daily to remain relevant and accurate. The risk levels of individuals are then determined through the recency and frequency of their names appearing in adverse media. Statuses can also be monitored on an ongoing basis whereby watchlist updates can be received daily. This service can be used through an online portal or can be integrated via API into existing workflows.