Screening for Politically Exposed Persons (PEP)
With the recently updated guidance from the Wolfsberg Group around Politically Exposed Persons (PEP), many financial institutions are taking a closer look at how they assess risk and screen this community.
Learn how using RDC’s PEP Connect database, and parameters around PEP Type, PEP Level and PEP Risk Score, enabled a bank to define a risk based approach to PEP screening that ultimately eliminated much of the ‘noise’ from the process. The results? A 94% decrease in alert rate, which allowed the bank to discontinue use of contingent staff, and refocus their internal team on strategic priorities.