{"id":3032,"date":"2022-04-06T10:00:00","date_gmt":"2022-04-06T10:00:00","guid":{"rendered":"https:\/\/compliancely.com\/?p=3032"},"modified":"2024-09-03T09:19:34","modified_gmt":"2024-09-03T09:19:34","slug":"how-overlooking-certain-profiles-can-be-catastrophic-for-your-business","status":"publish","type":"post","link":"https:\/\/compliancely.com\/blog\/how-overlooking-certain-profiles-can-be-catastrophic-for-your-business\/","title":{"rendered":"Politically Exposed People: How Overlooking Certain Profiles Can Be Catastrophic For Your Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3032\" class=\"elementor elementor-3032\" data-elementor-post-type=\"post\">\n\t\t\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-39b93a81 e-flex e-con-boxed e-con e-parent\" data-id=\"39b93a81\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4e05518c elementor-widget elementor-widget-text-editor\" data-id=\"4e05518c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Credit:<\/em> <a href=\"https:\/\/creativecommons.org\/\"><em>https:\/\/creativecommons.org\/<\/em><\/a><\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>\u00a0<\/p>\n<p>Ever heard of the term <a href=\"https:\/\/en.wikipedia.org\/wiki\/Domino_effect\" target=\"_blank\" rel=\"noreferrer noopener\">dominos effect<\/a>? One small thing manages to fall and it creates a chain reaction across, taking everything else down with it &#8211; one after the other \u2013 all within a few seconds.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>Onboarding a potentially politically exposed profile could have a similar effect on your business if you choose to ignore the red flags and do not play out your due diligence cards correctly.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>The following will discuss in detail who a politically exposed person is, what kind of risks they bring to an organization, how to verify their background and assess risk, and more.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>So, let\u2019s get started.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading {\"level\":5} -->\n<h4 class=\"wp-block-heading\"><strong>Who Is A Politically Exposed Person<\/strong><\/h4>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>A politically exposed person can be anyone who is in a position of power with some influence on the general public. Think of a governor or a mayor or even a chief officer of a financial institution.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>All these profiles are required to deal with high-value transactions regularly, putting them in a position of power. They hold a prominent public position or function and have some influence on their internal teams and people.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>When a person in such a prominent position of function takes advantage of their influence and engages in money laundering, embezzlement, illegitimate fund transfers, manipulation of records, or similar activities, the person is termed a \u201c<a href=\"https:\/\/www.fatf-gafi.org\/media\/fatf\/documents\/recommendations\/Guidance-PEP-Rec12-22.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">politically exposed<\/a>\u201d profile.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>A person caught engaging in such activities is instantly scrutinized by the media and public, giving them a bad reputation for being fraudulent.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>What follows this most-dreaded event is the intense adverse media coverage, criminal investigations, verification of security breaches, and more.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading {\"level\":5} -->\n<h4 class=\"wp-block-heading\"><strong>Risks Of Onboarding a Politically Exposed Person<\/strong><\/h4>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>An organization that plans to associate with a politically exposed person must put in all efforts to identify, validate, and verify the politically exposed person\u2019s background.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>Regardless of the severity of crimes a politically exposed person has engaged with, the organization must brace itself for a long period of inevitable bad press and investor concerns.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>Companies that were previously associated with politically exposed people have not been able to withstand the reputational losses, investor pull-out, mass boycotts, and other revolting measures.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>No matter the intention, associating with a potentially exposed person &#8211; a money launderer at that is usually seen as an organized financial fraud or organized crime.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>A general mass opinion is that a good company does not go out looking for money launderers to invest in their company because they are aware of the risks associated with such connections.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>So, a company that does manage to onboard and associate itself with a money launderer is a sure-hit sign that the company has gone rogue or has been planning to do so for a long time.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading {\"level\":5} -->\n<h4 class=\"wp-block-heading\"><strong>What Would Happen To Your Organization If You Were To Onboard PEP?<\/strong><\/h4>\n<!-- \/wp:heading --><!-- wp:list -->\n<ul><!-- wp:list-item -->\n<li>Your company might experience the following if you were to associate or onboard a politically exposed profile.<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Your company\u2019s share value might tank<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Expect relentless adverse media coverage<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Investor concerns and eventual withdrawal of investment funds<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Employee boycotts and organized unions to defy the PEP alliance<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Irreparable reputational losses<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Loss of goodwill<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Financial institutions may freeze your assets\/bank accounts for active engagement with high-risk profiles<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Innumerable allegations followed by investigations from federal agencies<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>IRS audits<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Penalties for potential violations<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Legal and civil liabilities<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Possible imprisonment (if proven guilty for certain crimes)<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list --><!-- wp:paragraph -->\n<p>\u00a0<\/p>\n<p>As you can see, many small things fall apart rapidly at once, making PEP associations extremely risky and dreaded.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading {\"level\":5} -->\n<h4 class=\"wp-block-heading\"><strong>What Is PEP Screening?<\/strong><\/h4>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>In order to help businesses protect themselves from associating with potential PEP profiles, the federal authorities and financial custodians of the country <a href=\"https:\/\/www.fatf-gafi.org\/media\/fatf\/documents\/recommendations\/Guidance-PEP-Rec12-22.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">advise<\/a> businesses to follow certain AML (Anti-Money laundering) and ATF (Anti-Terrorism Financing) verification procedures.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>These procedures help businesses check the background of every individual they associate with, helping them identify if they\u2019re in proximity with a politically exposed person.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>Identity checks, such as PEP watch list, <a href=\"https:\/\/compliancely.com\/ofac-watchlist\">OFAC sanctions<\/a> watch list, Death Master File, Specially Designated Nationals, Blocked Persons List, and other security checks help businesses identify high-risk profiles and deny them access to their business ecosystem.<\/p>\n<!-- \/wp:paragraph --><!-- wp:heading {\"level\":5} -->\n<h4 class=\"wp-block-heading\"><strong>How Does PEP Screening Help Your Business Prevent Risk<\/strong><\/h4>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>The fundamental role of PEP screening is to identify if a seemingly harmless profile is a politically exposed person by conducting rigorous due diligence checks.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>PEP screening helps:<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:list -->\n<ul><!-- wp:list-item -->\n<li>Identify the profile\u2019s history with noncompliant engagements per the federal records<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Obtain evidence to back up the PEP allegations<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Assess the risk quotient of a profile<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Conduct due diligence to validate false negatives and false positives<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Prevent onboarding a high-risk profile<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Prevent reputational, financial, and legal liabilities<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Protect businesses from associating with money launderers and terrorism financiers<\/li>\n<!-- \/wp:list-item --><!-- wp:list-item -->\n<li>Prevent onboarding of individuals sanctioned by the OFAC and federal agencies<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list --><!-- wp:heading {\"level\":5} -->\n<h4 class=\"wp-block-heading\"><strong>How To Get A Reliable PEP Screening Tool Kit For Your Business?<\/strong><\/h4>\n<!-- \/wp:heading --><!-- wp:paragraph -->\n<p>Compliancely \u2013 a real-time identity verification infrastructure enables you to identify, validate, and verify the real identities of a profile (person or entity) per the original source records in real-time.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>This means all your customer identification procedures, due diligence ops, and <a href=\"https:\/\/compliancely.com\/blog\/the-best-way-to-verify-legitimate-businesses-and-merchants-with-compliancely\/\">KYC<\/a> processes are met with accurate identity verification results.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>When accuracy meets speed, your compliance efforts are powered.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>Our real-time identity verification infrastructure enables you to verify as many as a million profiles within minutes, helping you verify profiles and approve customers in bulk at a faster rate.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>You can leverage our API solutions to further simplify your account opening processes.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>What\u2019s more? Compliancely automatically re-screens the data to ensure that your identity inquiries are met with the most recent, latest, and accurate results at all times \u2013 keeping your identity records relevant and ready.<\/p>\n<p>\u00a0<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph -->\n<p>Our solutions are designed to help you decide and help prevent onboarding PEP profiles, protecting your business from risk consistently.<\/p>\n<!-- \/wp:buttons -->\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Credit: https:\/\/creativecommons.org\/ \u00a0 Ever heard of the term dominos effect? One small thing manages to fall and it creates a chain reaction across, taking everything else down with it &#8211; one after the other \u2013 all within a few seconds. \u00a0 Onboarding a potentially politically exposed profile could have a similar effect on your business [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3979,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[144],"tags":[143,145,146],"class_list":["post-3032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politically-exposed-people","tag-pep-list","tag-politically-exposed-people","tag-politically-exposed-persons-list"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Politically Exposed People: How Overlooking Certain Profiles Can Be Catastrophic For Your Business - Compliancely<\/title>\n<meta name=\"description\" content=\"Here\u2019s how politically exposed profiles (PEPs) can damage your company\u2019s reputation and accelerate risk.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/compliancely.com\/blog\/how-overlooking-certain-profiles-can-be-catastrophic-for-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Politically Exposed People: How Overlooking Certain Profiles Can Be Catastrophic For Your Business - 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