When trading internationally it is vital to know exactly who you are doing business with and reliable, up-to-date company information is probably the most essential piece of the puzzle. However, to protect your business it’s also critical to apply an additional layer of scrutiny to your supplier list. Peace of mind really comes from knowing who you’re doing business with by screening your partners via a PEP and sanctions lists and with an Adverse Media Checker.
What is a PEP?
A PEP, which stands for Politically Exposed Person, is an individual with a high-profile political role; typically someone who has been entrusted with a prominent public function. PEPs pose a higher risk for potential involvement in bribery or corruption as a result of their role and its level of influence.
Politically exposed persons can include:
There are four levels of risk where PEPs are concerned, from a Low Risk (Level 4) to a High Risk (Level 1). You can identify them all and reveal any potential vulnerabilities in your supply chain by completing a PEP and sanctions check.
What is a sanctions list?
Sanctions lists help reduce financial crime by identifying everything from countries to businesses to individuals who have either committed illegal activity or are suspected of doing so. These lists combine the information contained within regulatory and enhanced due diligence lists from major sanctioning organisations around the world, including Interpol, the US’ OFAC, the United Nations and European Union, as well as Her Majesty’s Treasury.
What is an adverse media check?
Adverse media, also referred to as negative news, means all kinds of bad information found on an individual or business. This information is sourced from both traditional news outlets and unstructured sources like social media, blogs, or online forums.
It is essential to complete a detailed PEP, sanctions and adverse media check when onboarding a new supplier. By thoroughly screening your business clients, you can help lower your reputational risk and safeguard your revenue.
How to protect your business
Utilising real-time government-published lists as well as other official sources, our screening tool quickly identifies and verifies your list of relevant persons and businesses to ensure you are confident in your selection of supplier. Use our screening tool and instantly access over 4,000 government-published lists from around the world and is a valuable part of the subscription fee if you want to access it more than once a month.
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