AML, PEPs & Sanction Checks

Our AML, PEP & Sanction checks bring together thousands of data sources online in an instant, removing the need for physical storage whilst enhancing efficiency.

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Why should you embed AML, PEPs and Sanction checks in pre-employment screening?

The Anti-Money Laundering (AML) regulations are governed by 4 Acts: The Proceeds of Crime Act, The Serious Organised Crime and Police Act, The Terrorist Act and the Money Laundering Regulations. Failure to report suspicious activity can carry a criminal sentence and lead to substantial fines from the relevant regulatory body.

Also, standard AML checks do not screen clients against Her Majesty’s Treasury (HMT) list, while PEPs are not necessarily included in financial sanction checks. FCA registered companies are required to run such checks as day-to-day due diligence, not only to reduce their own company’s risk exposure, but to also comply with the current guidelines and stay within the law. It does not matter whether your company is regulated by FCA/PRA or not. However, it will be prudent to have these checks in place as a part of the Pre-employment screening to protect your business and hire the right talent.

With a 30-40% increase every year in the PEPs list alone, it is important to screen new and existing employees to make sure they are compliant with the AML guidelines.

AML, PEPs & Sanctions Check

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300+ Data Sources

Make sure your employees are who they say they are and meet your due diligence obligations by checking they are not engaged in any suspicious activity. Our AML checks bring hundreds of data sets online in an instant, removing the need for physical storage while saving you both time and money.

PEPs

Current & previous sanctions

Insolvencies

Financial regulator

Law enforcement

Disqualified director

Bankruptcies

Adverse media

Corporate registry

England & Wales Charities Commission

Companies House

Global ID verification

Why does my business need to perform Anti-Money Laundering checks on its clients?
The Anti-Money Laundering regulations are governed by 4 Acts: The Proceeds of Crime Act, The Serious Organised Crime and Police Act, The Terrorist Act and the Money Laundering Regulations. Failure to report suspicious activity can carry a criminal sentence and lead to substantial fines from the relevant regulatory body.
What are PEPs?
This check will allow you to see if a company has been sanctioned or if a politically exposed person has a connection to the company. There is no unique definition of a PEP, in fact the criteria varies from country to country and even company to company. A PEP does not necessarily mean someone who is involved in politics, it could include immediate family members, close business associates or even senior executives. These are key individuals and are important to check as a PEP presents a higher risk for potential bribery and corruption due to their position in society and the influence they may hold.
Why do you need PEPs and Sanction checks?
Standard AML checks do not screen clients against Her Majesty’s Treasury (HMT) list, while PEPs are not necessarily included in financial sanction checks. FCA registered companies are required to run the checks as day-to-day due diligence, not only to reduce their own company’s risk exposure, but to also comply with the current guidelines and stay within the law. It is also the responsibility of the credit or compliance department to carry out proper due diligence when investigating new clients. The guidelines set by the Joint Money Laundering Steering Group (JMLSG) state that every Financial Conduct Authority (FCA) registered company has to be fully aware of whom they deal with under AML and ‘Know Your Customer’ (KYC) guidelines. With a 30-40% increase every year in the PEPs list alone, it is important to screen new and existing clients to make sure they are compliant with the AML guidelines.
What are Sanctions?
If a company has been sanctioned they have been issued a penalty by law for failure to comply with a court order, law or regulation. It is illegal to deal with a sanctioned company, so it is important to run a check on them and be compliant with the current guidelines set in place. If your company deals with a sanctioned company, even if you are a limited company, you may be personally prosecuted for this and could risk going to jail.