Financial institutions have to implement certain organizational measures and are subject to more stringent due diligence obligations aimed at preventing any contravention of the relevant laws and ordinances. In particular, they must conduct appropriate investigations by consulting generally accessible public sources and databases.

These investigations must at all times respect the privacy of the persons affected, and must not be prejudicial to any data protection laws.

The following areas are to be monitored in particular:

• Periodic reviews of the customer base
• Checks on potential customers when opening an account
• Account movements (in/out)

The solution

The application PEP-Check enables a financial institution to screen potential and existing customers against publicly accessible lists (watchlists and PEP lists). Watchlists contain the names of persons who are wanted or suspected of terrorism or other crimes. The PEP lists contain the names of persons who perform key functions in politics or business.

With PEP-Check, these investigations can be conducted either through ad hoc requests, or with a batch operation in which the application checks the financial institution’s entire customer base. The watchlists and PEP lists are updated each time the application starts up.

"Content only"-offering

The PEP-Check service also allows for subscription only to the lists provided by our partner, Info4C, for use in existing programs. This enables you to continue using your own checking programs with selected, very high quality lists that are produced and monitored by Info4C, checked by Compliance specialists and always kept up-to-date.

To order this service, please contact your local SIX Telekurs sales office.