PeP Analysis System Keeping an eye out for politically exposed persons
The 3rd EU Anti-Money Laundering Directive obliges financial institutions to detect and monitor "politically exposed persons" (PEP). It requires financial institutions to "have appropriate risk-based procedures to determine whether the customer is a politically exposed person". They must "have senior management approval for establishing business relationships with such customers" and "take adequate measures to establish the source of wealth and source of funds that are involved in the business relationship or transaction" (Article 13).
With PEPAgent, CDA provides a software solution for PEP screening. By comparing your data with standard PEP databases
- the software identifies "politically exposed persons",
- classifies them according to risk category,
- monitors and picks out transactions with these persons according to defined rules, and
- supports you in the handling of risk cases.
PEPAgent can be run independently or used as an integral part of EmbargoAgent.