Ofac Pep Definition

Is your applicant on a sanction list?

The Office of Foreign Asset Control (OFAC) is a department of the U.S. Treasury that is charged with enforcing economic and trade sanctions imposed by the U.S. Against countries and groups of. Complete support for multiple lists to ensure complete coverage for various regulations and jurisdictions, including official regulatory lists (e.g. OFAC, UN, EU, OSFI, UK and AUSTRAC), third-party PEP and sanctions lists (e.g. Dow Jones, WorldCheck, WorldCompliance,.

The need to identify a variety of high risk entities posing economic and reputational risk to your organisation is extremely important. Politically Exposed Person (PEP) and Sanction Screening mitigate regulatory and reputational risk by giving you intelligence you can act on.

IDMatrix has access to a comprehensive collection of PEP and Sanction Screening lists from all major sanctioning bodies, law enforcement agencies and financial regulators, providing the most complete collection of AML/CTF compliance data available and 100% coverage of all PEP, Sanction and Enhanced Due Diligence lists worldwide.

Key Features

Although the definition and interpretation of what constitutes a PEP and who’s covered may vary, PEP screening, risk analysis and risk mitigation have common components within compliance programs intended to mitigate this type of risk, to comply with applicable regulatory mandates. PEPs present two types of risks. The Office of Foreign Assets Control (OFAC) is an enforcement agency of the United States Department of Treasury. Under Presidential national emergency powers, OFAC acts to restrict transactions and freeze assets under jurisdiction of the United States. The Foreign Corrupt Practices Act (FCPA) was enacted to put a stop to the alarming exercise of bribing foreign officials to facilitate a U.S. Company acquiring business contacts or contracts.

100% coverage of all PEP, Sanction and Enhanced Due Diligence lists worldwide
All data is hosted locally within Australia with no flow of customer data offshore
An advanced token-based matching approach delivers predictable matching and enables accurate and fast processing

How it Works

By providing an individual’s personal details including name and date of birth to IDMatrix, the GlobalScreening feature searches worldwide PEP, Sanction and Enhanced Due Diligence lists to establish any matched records.

Those matched records and their supplementary information are then fed back into the fraud assessment framework to be considered as part of your overall IDMatrix result. You can use the IDMatrix Portal to review the granular details of any matched records or the Equifax hosted GlobalScreening Portal for further risk assessments, ongoing due diligence and case management.

GlobalScreening Enhancements

IDMatrix is coupled with the GlobalScreening solution from Equifax to provide enhanced screening in real time. This gives you the ability to customise your PEP and Sanctions screening profiles to meet your organisations compliance needs. With the enhanced GlobalScreening you have access to the following configurations;

Select your own screening lists
Define the matching rules
Risk scoring to reduce false positives
Matching on Name and Date of Birth
Access the GlobalScreening Portal for further case management and reporting

Check out the BOQ GlobalScreening Case Study

“Visual OFAC is one of the best investments we’ve ever made. It helps us avoid dealing with unauthorized parties, and the dire consequences of an OFAC violation.”

DIRECTOR OF GLOBAL COMPLIANCE, INSTRUMENTATION, COLUMBUS

The Foreign Corrupt Practices Act (FCPA) was enacted to put a stop to the alarming exercise of bribing foreign officials to facilitate a U.S. company acquiring business contacts or contracts.

The United States government takes bribery and money laundering very seriously, so it’s important that your company be scrupulous in identifying Politically Exposed Persons (PEP). Usually these are officials, either current or former, affiliated with foreign political parties; individuals associated with corporations owned or operated by a foreign government; or their family members or others with whom they are personally or professionally close.

Ofac Search

PEP compliance means identifying exposed persons before conducting business

It’s vital to be aware of the PEP status of your customers or potential customers. This way, you can either take care to avoid any appearance of impropriety in your dealings with them or simply stop doing business with them altogether. Either way, knowing who is a Politically Exposed Person is an absolute necessity.

Ofac Pep List Search

Violations have severe consequences

The consequences for violating FCPA guidelines can be severe. These include exclusion from doing business with the U.S. government or its contracting companies, huge monetary fines, and even criminal prosecution and possible imprisonment.

Visual OFAC helps you stay compliant

The United States and other governments maintain extensive lists of individuals considered Politically Exposed Persons; these lists are constantly updated and added to, and it is each company’s duty to ensure that they do not conduct unauthorized business with PEPs.

As an integral part of your foreign trade compliance program, Visual OFAC keeps you aware of the identities of your customers. With daily updates and re-screenings, you can be certain that all your transactions are above board and that your company is not enabling illegal activity by facilitating bribery or money laundering.

More information about the Foreign Corrupt Practices Act can be found on the United States Department of Justice website.

For more information