Stay AML/CTF compliant with real-time global watchlist screening. Identify high-risk customers from the start and stay alert to critical changes in risk status with ongoing monitoring you control.
GBG’s global watchlist screening has comprehensive global politically exposed persons (PEP) data, extending to close relatives, and complete lists of sanctioned individuals and entities, giving you the most reliable information to assess a customer’s potential risk and limit your exposure to financial crimes – all while meeting strict AML regulations. Seamlessly integrate watchlist screening into your onboarding process to check for PEPs and screen against sanctions lists.
Screening doesn’t stop at onboarding. With automated monitoring you control, GBG makes it easy to periodically re-screen customers against the latest lists to detect anomalies and changes to their associations, so you can stay compliant.
A Politically Exposed Person (PEP) is an individual who holds a prominent public position in a government or international organisation. A PEP can also be an immediate family member or close associates of these individuals. PEPs often have power over government spending and budgets, military plans, procurement processes, highly sensitive financial information, or other influences. As a result, they tend to be more at risk of corruption or bribery. Due to their positions of power and influence, they can also be targeted for money laundering or terrorism financing activities.
According to AUSTRAC, examples of PEPs include:
It’s important to note that being a PEP doesn’t mean someone is conducting illegal activity, nor that they should be excluded from conducting their financial affairs at a mainstream institution in the same way as any other consumer. However, a PEP check can determine the risk profile for the organisation.
A sanctions list includes sanctioned people, organisations, or governments. Governments or bodies, such as the United Nations, can impose sanctions on individuals, organisations, and governments to prohibit organisations from doing business with them. Governments and bodies publish these lists to combat persons engaged in illegal activities.
There are different types of sanctions, including economic and political. Sanctions, including economic sanctions, play a critical role in combating financial crime and ensuring compliance with AML laws and regulations. Political sanctions can be imposed when there are conflicts of interest between countries. Countries may impose international sanctions on the targeted country, such as trade restrictions. Sanction screening checks people and organisations against global sanctions lists to determine the risk of doing business with them. There are severe penalties for breaching sanctions. Sanctions lists are generally publicly available and accessible online so that firms can consult them freely for sanctions checks.
A global watch list comprises the names, details, and other relevant information of individuals or companies that government authorities have designated for sanctions measures. Someone may be on a global watch list due to the actions that they or their governments have taken, including terrorism and terrorist financing, human rights violations, arms trafficking, drugs trafficking, cybercrime, or treaty violations.
For individuals, being placed on a global watch list can have severe consequences, including being unable to do business with companies outside their country or travel. Their assets may be frozen, and they may not be allowed to conduct financial transactions or access financial services, such as bank accounts or credit cards. Some sanctions prohibit trade with the individual altogether, while others limit or restrict trade. Companies that violate sanctions by doing business with someone on a global watchlist can face heavy fines, reputational damage, and legal action.