What is PEP, Sanctions & Adverse media
PEP, Sanctions & Adverse media are terms from anti-money laundering referring to politically exposed persons, parties that are subject to sanctions and the existent of negative media for the party. These are important factors when considering the money laundering risks associated with taking on a new customer.
Politically exposed persons are considered to be more likely to partake in corruption and therefore according to many regulatory requirements, persons that are politically exposed should automatically be considered in a higher risk category and enhanced due diligence should be performed on them.
Sanctioned individuals and companies are considered high risk and there may be a restriction on taking them on as customers. This depends in part on which country/party has sanctions on the them and partly on what the sanctions measures are. It is therefore important to examine if the country that users operate in adheres to the specific sanctions list that the individual is sanctioned by.
Adverse media relations is an indicator that the person/company may be high risk as it relates to money laundering. In Taktikal's PEP, Sanctions & Adverse media relations only adverse media that is considered to be a risk factor for money laundering is reported. These include findings from Law enforcement, regulatory enforcement, war crimes as well as various crimes. The full list of possible finding categories can be found here.
How does this work in Taktikal?
Taktikal's PEP, Sanctions & Adverse media relations solution works by allowing users to check if a specific person or company is present in global databases for PEP, Sanctions & Adverse media. The results are provided in a PDF report.
A single search can yield more than one report if there are more than one individual/company that fits the search term. A search can also yield no results, in which case a confirmation of that is provided in a report for that person. There is no guarantee that the person/company in the report is in fact the same as was searched for, therefore it is crucial to review the report to determine if it was a true hit or a false positive.
A search can be performed via manual lookup or via automatic lookup in SmartFlows and in 3 different databases.
Manual Lookup
To manually search for an individual or company in Taktikal click PEP & Sanctions on the menu on the left.
To search for an individual you must input their first and last name. All other fields are optional. However they can help to reduce the number of false positives so we recommend filling in all the fields if you have the information available.
Click Search to perform the lookup (each lookup incurs a fee)
To search for a company you must input the name of the company. The country field is optional. However it can help to reduce the number of false positives so we recommend filling in both fields if you have the information available.
Click Search to perform the lookup (each lookup incurs a fee)
The results will be shown beneath the search window. If more than one results are found they will all be shown. The coloured tags indicate the category the person falls into. The full list of categories can be found here.
To review the results click the arrow to the right to expand the report.
To download the full PDF report scroll to the bottom and click "Download PDF report". We recommend saving these in your archives as proof that you performed the search.
Automatic lookup in SmartFlows
PEP, Sanctions & Adverse media lookups can be easily connected to existing or new SmartFlows to perform lookups on the signees, on individuals in certain roles within the Icelandic Business registry profile or on individuals that are entered into person elements in the SmartFlow using Automations.
This is an easy way to automate tasks that are typically performed in the onboarding process, by collecting information directly from the customer and when the document has been signed, a PEP, Sanctions & Adverse medial lookup can be performed automatically.
Choosing between the different databases
Taktikal offers lookups in three different databases, two of which are global and the third is specifically for Icelandic political roles.
Global PEP, Sanctions & Adverse media relations for individuals
This database contains individuals from around the globe and includes PEP roles, Sanctions and Adverse media relations. The database includes over 200 actively monitored sanctions sources such as:
- United Nations Sanctions (UN)
- US Consolidated Sanctions
- OFAC – Specially Designated Nationals (SDN)
- EU Financial Sanctions
- UK Financial Sanctions (HMT)
- Australian Sanctions
- Switzerland Sanction List – SECO
- INTERPOL Wanted List
- Consolidated Canadian Autonomous Sanctions List
- Office of the Superintendent of Financial Institutions (Canada)
- Bureau of Industry and Security (US)
- Department of State, AECA Debarred List (US)
- Department of State, Nonproliferation Sanctions (US)
Global PEP, Sanctions & Adverse media relations for companies
This database contains companies from around the globe and includes PEP roles, Sanctions and Adverse media relations. The database includes over 200 actively monitored sanctions sources such as:
- United Nations Sanctions (UN)
- US Consolidated Sanctions
- OFAC – Specially Designated Nationals (SDN)
- EU Financial Sanctions
- UK Financial Sanctions (HMT)
- Australian Sanctions
- Switzerland Sanction List – SECO
- INTERPOL Wanted List
- Consolidated Canadian Autonomous Sanctions List
- Office of the Superintendent of Financial Institutions (Canada)
- Bureau of Industry and Security (US)
- Department of State, AECA Debarred List (US)
- Department of State, Nonproliferation Sanctions (US)
Icelandic PEP for individuals
This database contains individuals in political roles inIceland as they have been defined by the Icelandic authorities. This database does not include Sanctions or Adverse media relations.