Avoid potential conflicts of interest and allegations of corruption
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No one wants to be accused of attempting to influence government officials with financial incentives or enabling illegal activity by allowing bribery or money laundering to occur right under your nose.
Screening for Politically Exposed Persons (PEP) and their relatives helps avoid any appearance of impropriety in business dealings.
In addition to establishing the need to identify Politically Exposed Persons, Anti-Money Laundering regulations stipulate relatives or close associates of PEPs should be monitored. Screening for PEPs and their relatives or close associates is yet another important tool in your Risk Management Program, whether it’s helping you avoid any appearance of impropriety in your dealings with PEPs, or in your decision to stop doing business with them altogether.
* Relatives include wife, husband, siblings, children, parents, aunts and uncles, nieces and nephews, cousins, step-children, etc. Close associates are people who have a close business or personal relationship with a PEP.