A valuable PEP database is a combination of analytical work and software programming. Our legal experts have structured the information that needs to be collected on the basis of the existing rules and regulation applicable to financial intermediaries.
A Politically Exposed Person “PEP” is an individual who is or has been entrusted with a prominent public function. Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery. Because of the risks associated with officers holding political appointments, Financial Action Task Force “FATF” Recommendations require the application of additional anti money laundering measures to these business relationships.
SGR’s PEP Target Worldwide™ database follows the FATF and Wolfsberg Group financial industry standards, EU Anti Money Laundering Directives, and is composed of 251 countries and territories.
Heads of State or of government, senior politicians, senior government, judicial or military officials, diplomats, senior executives of state-owned corporations, important political party officials as well as their family members and close associates are categorized as PEPs and their careers are routinely monitored for an enhanced due diligence.
This analysis is done by our legal team in combination with experts who have worked as Heads of Financial Units, Regulators and auditors. For each record we hold one or more public sources, therefore we can offer at all times a truly compliant GDPR database, protecting financial intermediaries from exposure to unwanted data protection liabilities.
SGR PEP Target Worldwide™ is built by adding to each profile biometric data such as place and date of birth, pictures, aliases, and professional information such as present and past occupation. All information is collected from reliable public sources. Finally, for each personal record we asses a specific risk value in accordance with his or her public function. Our database is unique as we have developed a specific methodology to collect information concerning high risk countries because of their importance for financial intermediaries. To complement data on state-owned corporations, SGR has focused on sovereign funds investment activities as a potential area of risk. To avoid waste of time, and simplify your query, more than 70% of our records contain at least the year of birth. For several European countries we have reached over 80% of complete biometric data.
The standardization and verification of the data is done by our proprietary software that analysts use to gather and update information. As an example, almost a million records are scanned each month and on average about 180,000 are new or updated every year. Each record has its own ID number for uninterrupted easy retrieval. The validation process terminates with quality controls that guarantee the smooth operation of the database.
SGR PEP Target Worldwide™ contains: