KYC Screening PEP Lists

Exact screening of Nordic clients

Trapets provide PEP screening of Nordic clients in the InstantWatch KYC service.

The Nordic PEP list, PEP Edge, is a custom list based on the definition of a Politically Exposed Person, their Relatives and Close Associates in the EU’s fourth anti-money laundering directive. Trapets’ database is updated daily.

PEP Edge is focused on screening customers who are citizens in or living in the Nordic region, with almost 100% coverage. The service provides exact matching using social security numbers and/or birth dates to avoid false positives. 100% of the Swedish PEPs/RCAs have SSN and nearly all others have birthdate/birth year.

The list contains only PEPs/RCAs that are included in the EU’s 4^th AML directive. Many other PEP lists incorrectly contain people that actually should not be included, such as local politicians, which causes false positives and extra work.

Acuris Global PEP, a global PEP list

Acuris’ Global PEP contains more than 70,000 global PEPs and is a necessity for the screening of non-Nordic clients.

Advantages

By including the clients’ social security number and/or birthdate when screening against PEP Edge Trapets’ customers can be quite certain that any matching that occurs is correct. By screening against PEP Edge, customers’ false positives can be avoided and thereby the automatic onboarding process is simplified and unnecessary investigation work is avoided.

Politically Exposed Person, PEP, and Relatives & Close Associates, RCA

A politically Exposed Person (PEP) is a natural person who is or has been entrusted with prominent public functions in a country or an international organization, for example, heads of state, heads of government, ministers and deputy or assistant ministers. Also members of parliament or governing bodies of political parties, members of supreme courts, constitutional courts or of other high-level judicial bodies.

Furthermore, PEP includes members of courts of auditors or the boards of central banks, ambassadors, chargés d’affaires and high-ranking officers in the armed forces. Members of the administrative, management or supervisory bodies of State-owned enterprises and directors, deputy directors and members of the board or equivalent function of an international organisation.

Relative/family member means any spouse, registered partner, common-law spouse, and children, as well as their spouse, registered partner, common-law spouse and parents. “Close associate” means a person who, jointly with a PEP, owns or otherwise exercises a controlling influence over a company; a person who otherwise has, or has had, a close relationship with a PEP, it does not need not be a commercial relationship; or a person who alone owns or exercises influence over a company which, in reality, has been formed for the benefit of a PEP.