{"id":4508,"date":"2014-07-22T14:18:00","date_gmt":"2014-07-22T14:18:00","guid":{"rendered":"https:\/\/evssolutions.com\/the-importance-of-pep-list-screening\/"},"modified":"2023-04-12T17:59:24","modified_gmt":"2023-04-12T17:59:24","slug":"the-importance-of-pep-list-screening","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/the-importance-of-pep-list-screening\/","title":{"rendered":"The Importance of PEP List Screening"},"content":{"rendered":"

The lack of fraud prevention is a very serious and
\ngrowing problem. Protecting your company against fraud requires constant
\nvigilance. Every company needs some sort of fraud prevention tools to monitor
\nthe many types of potentially fraudulent customers. One potential problem is a
\nPolitically Exposed Person commonly referred to as PEP, which can present a
\nserious fraud risk. The definition of PEP can vary among different countries,
\nbut they generally include people who serve a prominent public function or
\ntheir relatives and close associates. PEP may also be classified as those
\nconvicted of money laundering or even known terrorists.<\/span><\/p>\n

In addition to protecting
\nyourself against fraud, there are government relations, which require reporting
\nsuspicious activities by PEP. This would necessitate a suspicious activity
\nreport, which must be sent to the US Treasury’s Financial Crimes Enforcement
\nNetwork(FINCEN). Failure to follow these guidelines can lead to serious
\nfines. The process of performing due diligence to uncover
\nPEPs<\/a> can be time consuming and requires screening against a reputable
\ndatabase of known PEPs. These databases usually contain about 1 million
\nprofiles. In order to verify identity, each profile will include a picture, the
\npersons age, social security number (for U.S. citizens) and other information.
\nChecking all this detail obviously involves a considerable amount of time.<\/span><\/p>\n

The increased amount of international crime thanks
\nto advances in communications and other business technology make protecting
\nyourself against PEPs even more important than ever before. The only practical
\nmethod of fraud prevention is to use an electronic verification system. There
\nis really no other way to keep up with the constantly changing problems. Even
\nif you arent concerned with the possibility of unintentionally doing business
\nwith terrorists, any government official or associate is a serious potential fraud
\nrisk.<\/span><\/p>\n

EVS
\nhas been at the forefront of this increasingly important concern and offers
\nsome of the finest PEP list screening available. With IndentiFraud Consumer,<\/a> corporations can seamlessly protect themselves
\nagainst the fraud potential of PEPs. EVS uses a variety of data points to
\ncreate Advanced Residence Verification and History. This allows the
\nbusiness to confirm a customers current residence and their 12 previous
\nlocations. Products like residence verification and phone verification will set
\nyour business up with state-of-the-art fraud protection to combat the risk
\nassociated with PEPs.<\/span><\/p>\n


<\/span><\/p>\n

[Contributed by EVS Marketing]<\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The lack of fraud prevention is a very serious and growing problem. Protecting your company against fraud requires constant vigilance. Every company needs some sort of fraud prevention tools to monitor the many types of potentially fraudulent customers. One potential<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4508"}],"collection":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/comments?post=4508"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4508\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}