StartKYC assesses Politically Exposed Persons (PEPs) using a structured framework based on international guidelines (e.g., FATF, UNCAC, EU AML Directives) and national legislation. The methodology categorizes PEPs into Global Minimum Coverage and National Requirement Coverage, ensuring compliance across jurisdictions. 1. Key PEP Definitions and Framework International References: StartKYC adopts authoritative PEP definitions from: FATF (Financial […]
Accounting and audit practices are expected to maintain a clear, repeatable AML workflow that is defensible under review. This guide outlines a practical process you can adapt for firms of any size. Note: AML screening (PEP, sanctions, adverse media, enforcement) is distinct from identity verification; this article focuses on screening, not face/ID checks. 1) Define […]
Una Persona Politicamente Esposta (PEP o PPE) è una persona che ricopre o ha ricoperto una posizione di rilievo nella politica, nell’economia o nel mondo degli affari. Le PEP sono considerate a rischio di frode e riciclaggio di denaro, e pertanto sono soggette a una serie di controlli e requisiti aggiuntivi. In Italia, le PEP […]
L’AML (Anti Money Laundering) è una pratica legale che consiste nel prevenire l’utilizzo di fondi illeciti per attività criminali o terroristiche. In Italia, l’AML è regolamentato dal Decreto Legislativo 231/2007, che impone agli istituti finanziari di adottare misure di debita diligenza per identificare i propri clienti e monitorare le transazioni finanziarie. Gli strumenti di screening […]
Real estate is a high-risk sector for money laundering: large values, time-pressured closings, cross-border parties, and layered ownership through SPVs or trusts. Agents, brokers, notaries, and lawyers are therefore expected to perform robust anti-money laundering (AML) screening before completion. This guide explains how to apply PEP and sanctions checks effectively and how to document results […]
Independent financial advisors and consultants play a critical role in guiding clients through investments, pensions, and wealth management. But like banks and auditors, they are subject to strict anti-money laundering (AML) obligations. This article explains how small advisory firms can meet AML screening and monitoring requirements without overwhelming resources, while keeping client trust intact. 1) […]
In today’s world, procedures relating to anti-money laundering have become part and parcel with correct and careful business practice. According to a study conducted by the United Nations Office on Drugs and Crime, it is estimated that, in 2009, proceeds generated by drug trafficking and organised crimes amounted to 3.6% of the global GDP, with […]
8 tips for PEP dealings I am at a client meeting explaining how StartKYC can increase the efficiency of the customer due diligence process. I reach the PEP (Politically Exposed Person) topic and the client stops me midway to ask a question which seems to have been nagging him for a long time “Can I […]