Sanctions lists and PEP

Checking the presence of the client on sanction lists and PEP lists

Sanction lists are a source of knowledge about specific institutions and individuals against whom penalties and restrictions have been introduced by international organizations (restrictions apply to the activities of these institutions and their assets). Each list is used to synchronize and distribute the names currently sanctioned entities to enforce the restrictions set out in the sanctions.

 
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Safe and swift sanction list checks
within IDENTT Vision

Checks in sanction lists are made inside the IDENTT Vision system, which makes them safe and fast. No personal data needs to be sent externally. The internal Sanctions Lists service uses the following sanctions sources:

CSFP

these are sanctions introduced by the European Union to support the processes supporting the implementation of the Common Foreign and Security Policy (CFSP). According to the official description, this policy “promotes (…) peace, democracy and respect for the rule of law, human rights and international law”. These sanctions are intended to force a change in the policies of specific institutions and individuals.

SANCTIONS

(United Nations Security Council Sanctions List) – is a collective list of sanctions introduced by the Security Council of United Nations. The criteria for a footnote in this list may vary. If sanctions have been introduced to prevent threats, the Security Council is obliged to initiate sanctions actions.

SDN

United States Office of Foreign Asset Control (OFAC) institutions linked to specific countries. It contains terrorists, drug smugglers and other persons and institutions not directly related to the country’s authorities. They are called Specifically Designated Nationals (SDNs). Their assets and liabilities are blocked, in addition, residents of the United States are prohibited from doing business with them. They are called Specifically Designated Nationals (SDNs). Their assets and liabilities are blocked, in addition, residents of the United States are prohibited from doing business with them.

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Verification of sanction and PEP lists

Checking a person for presence on sanction lists and PEP lists are one of the available optionsis possible to implement in our system. If a person is available on one of these lists, they are marked as suspicious as a result of verification. We allow users to define what verifications are carried out during the verification process.

The result of the verification indicating a suspicious person contains a link to a detailed description of the reasons for such a failure

PEP (politically exposed person) is a term that includes a person holding a politically exposed position or a significant function in society.

According to the current AML Directive – the concept of PEP, i.e. a politically exposed person, it is extended to persons living in the country of the obliged institution (national PEP) – previously this concept applied only to people from abroad. When implementing the client's due diligence and KYC procedure, the PEP status of the analyzed natural person should be taken into account beyond any doubt. This is due to the fact that they are a high-risk group in terms of bribery and corruption.

Benefits of scanning sanction lists and PEP lists

Scanning sanction and PEP lists ensures compliance, mitigates risks, and protects against financial crimes, enabling informed decision-making in business relationships.

Guarding your company against suspicious entities

Identification of suspicious persons and institutions that may use your company for their illegal purposes

Detecting corruption and bribery risks

Identification of persons prone to corruption and bribery

Spotting persona non-grata on global markets

Identification of people with the status of “persona non-grata” on global markets

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