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Tracesmart Corporate Launch Updated Version of Politically Exposed Persons (PEP)


Tracesmart Corporate , leading suppliers of anti-money laundering (AML) identity check systems, have recently carried out a major upgrade to their PEP (Politically Exposed Person) database in preparation for the impending Third EU Money Laundering Directive implementation deadline. Firms have until the 15th December 2007 to incorporate a PEP screening facility into their anti-money laundering procedures; but many compliance and money laundering reporting officers may well be unaware of the potential new regulation breach, which could put their company at risk.

Mike John Trezise, Managing Director of Tracesmart Ltd comments “Firms need to ensure that they have appropriate risk-based procedures in place to determine whether a customer is a PEP when they arrive in their office next Monday morning. Whilst the larger firms in the financial services sector have been pro-active in recent months by integrating or subscribing to sanction lists and PEP databases, it is highly likely that smaller firms will continue to solely request traditional ID paper documentation as their Know Your Customer (KYC) policy and have no means to screen for sanctions or the politically exposed.”

Tracesmart Corporate has supplied PEP screening facilities since the inception of its electronic consumer identification solution, Smart ID Plus, in 2006. Technical Director at Tracesmart Ltd, Paul Weathersby, explains “We already call upon a multitude of sanction databases but have enhanced our PEP database with an additional 200,000 politically exposed persons from over 200 countries in readiness for the deadline. Using our identity check system, our clients are able to instantly identify those who could present a greater risk to their business.”

Tracesmart Corporate’s multi-source PEP database contains a comprehensive list of very clearly defined individuals in the following main categories; heads of state, cabinet members, members of parliament, highest members of the judiciary, national bank governors and members, political and religious leaders, military officials, senior executives of state of owned companies, ambassadors, former PEP’s and those closely associated to PEP’s such as family members.

The PEP screening facility is fully integrated into their KYC system – Smart ID Plus – which allows users to simultaneously carry out identity verification and PEP checks, therefore fulfilling many of their Customer Due Diligence obligations.


 tracesmart corporate
 anti-money laundering
 know your customer
 identity checks

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