PEP (Politically Exposed Person)

PEP (Politically Exposed Person)

PEP (Politically Exposed Person) profiling is a process used by banking industries to identify high-risk individuals who may be involved in financial crimes such as money laundering, corruption, and bribery. PEPs are individuals who hold prominent public positions or have a connection to such individuals. They may be at a higher risk of being involved in financial crimes due to their access to public resources and influence.

The PEP profiling process involves gathering information about a customer's background, including their employment history, political affiliations, and connections to high-risk individuals or entities. This information is used to assess the risk of the customer being involved in financial crimes.

Customer Identification: The banking industry identifies customers who may be PEPs based on their occupation or political connections.

Screening: The customer's name is screened against various databases, including local and international PEP lists, to check if they are classified as high-risk individuals.

Risk Assessment: Once a customer is identified as a PEP, the banking industry assesses the level of risk associated with the customer based on their background and connections.

Enhanced Due Diligence: If the risk assessment indicates a high level of risk, the banking industry may conduct enhanced due diligence to gather additional information about the customer's background, source of wealth, and financial transactions.

Ongoing Monitoring: The banking industry continuously monitors the customer's account for suspicious activities and transactions.

TeXtCK Automated PEP Profiling

TeXtCK uses machine learning algorithms to automatically identify individuals who may be PEPs and assess their level of risk. This process is faster and more accurate than traditional manual PEP profiling methods, which rely on human expertise and are often time-consuming.We help a faster and more efficient way to identify high-risk individuals and assess their level of risk.PEPs are considered high-risk individuals due to their potential to use their political influence to engage in financial crimes such as corruption and bribery. PEP profiling helps businesses to identify these individuals and assess their level of risk to prevent such activities.

The automated PEP profiling process using AI typically involves the following steps:

Data Collection: Relevant data is collected from various sources, including internal and external databases, social media, news articles, and public records.

Data Processing: The collected data is processed using natural language processing (NLP) and machine learning algorithms to extract relevant information about individuals who may be PEPs.

Risk Assessment: The extracted information is used to assess the level of risk associated with each individual. The AI algorithms use various risk factors, such as the individual's occupation, political connections, and business affiliations, to determine their level of risk.

Structured Data: We provide structured data is used to identify and assess the level of risk associated with an individual. This data can include information such as the individual's name, position, political affiliations, business connections, and other relevant information

Continuous Monitoring: The AI algorithms continuously monitor the identified individuals for any changes in their risk profile, such as changes in their political affiliations or business connections.

PEP profiling helps businesses to manage their risk by identifying individuals who may pose a higher risk of financial crimes. By conducting enhanced due diligence on these individuals, businesses can ensure that they are not unknowingly involved in any illegal activities.