Screening reduces risks from exposed persons
Amber Road offers screening to learn about politically exposed persons (PEPs). With a comprehensive, daily updated database for customs and business information, the cloud experts expand their information offering. This will better automate sanctions and embargo checks.
Screening - the vetting of politically exposed persons - is an important component of risk avoidance: it protects companies from legal, reputational and financial risks arising from new legislation. Often, both small and large bribery offences are punished with similar severity in order to prevent any kind of influence peddling.
The Financial Action Task Force (FATF) defines politically exposed persons (PEPs) as holding a prominent public position. Due to their influential position, they are considered potentially vulnerable to money laundering and related offences, corruption and bribery, and terrorist financing activities.
Potentially vulnerable to corruption?
For example, to prevent bribery in business negotiations and contracts, many countries have passed anti-corruption laws - the UN Convention against Corruption, the US Foreign Corrupt Practices Act, the UK Bribery Act, the Canadian Corruption of Foreign Public Officials Act, the anti-corruption laws in China, and many more.
"With the newly added comprehensive PEP lists, our customers minimize risk in their business dealings with individuals potentially vulnerable to corruption offenses such as money laundering, bribery, terrorist financing and drug smuggling," explained Ty Bordner, Head of Solutions Consulting at Amber Road. "In PEP alone, Global Knowledge now makes available tens of thousands of new records from 220 PEP lists and more than 120 countries, queried directly from official agencies."
As there is a higher risk of bribery and corruption among politically exposed persons, high-risk individuals who can damage the success and reputation of companies must be identified quickly. However, due to the constant change of politicians and leaders, this never becomes a routine task. Even if appearing on a PEP list does not in itself constitute a criminal offence, checking against official, verified information is an indispensable prerequisite for optimal global decision-making processes.
Global Knowledge is seamlessly integrated with GTM solutions. Information does not have to be entered manually for each transaction, as is the case with most other providers. Significant productivity gains can be achieved by automating this time-consuming task.
You can find out more about Amber Road and their anti-bribery screening at this Link
