Anti-Money Laundering Checks Update
18 September 2023
Screening customers against Sanctions and Politically Exposed Persons (PEP) lists to identify target matches is a vital part of meeting Anti-Money Laundering (AML) obligations.
We have updated the instant Anti-Money Laundering (AML) Checks to include the Equifax Watchlist. The Watchlist screens individuals against Sanctions and Politically Exposed Persons (PEP) lists to identify target matches.
The Watchlist checks for alerts in the following categories:
| Category | Description |
|---|---|
| Sanctions | Sanctions are measures primarily adopted by governments against a regime, organisation or individual that is believed to be in violation of international law. They are usually political, diplomatic or economic in nature and aim to prohibit illegal activity by high-risk individuals or groups. |
| Politically Exposed Persons (PEPs) | A PEP, or Politically Exposed Person, is an individual who holds the office of a prominent political function. The position of a PEP can mean that they are higher-risk individuals due to the influence and power that their position might hold, which may make them susceptible to bribery and corruption. |
| Relatives & Close Associates (RCAs) of PEPs | Relatives and Close Associates (RCAs) are individuals that are associated to a PEP by a family, friend or business connection, and can include parents, siblings, friends, legal advisors, and business associates. RCAs are also known as ‘secondary PEPs’. |
| Special Interest Person / Entity (SIP/SIE) | Special Interest Persons (SIPs) and Special Interest Entities (SIEs) are individuals or organisations that present a heightened level of risk due to their suspected or confirmed involvement in criminal activity. Association with these parties can represent both reputational and legal risk. |
Instant AML Checks are fully integrated into all versions of Domus and can be obtained by purchasing a package of credits from the Domus Shop.
