Definition: International PEPs, short for International Politically Exposed Persons, are individuals who hold or have held significant public positions or prominent roles in foreign countries. They are at a higher risk of being involved in money laundering, corruption, or other illicit activities due to their access to political power and influence.
Examples:
- Former Prime Minister of a foreign country who engages in international business ventures and financial transactions.
- Son of a high-ranking government official who uses his family connections to secure lucrative contracts abroad.
- Close associate of a foreign political leader who is suspected of using their influence to facilitate money laundering activities.
Statistics:
- According to a global study, approximately 25% of high-level corruption cases involve international PEPs.
- The Financial Action Task Force (FATF) reported a significant increase in the number of international PEP-related money laundering cases in recent years.
- A study conducted by a leading AML research institute found that international PEPs account for a substantial proportion of suspicious transactions reported by financial institutions worldwide.
Pitch for Kyros AML Data Suite: To effectively mitigate the risks associated with international PEPs, AML professionals need robust compliance tools and solutions. Kyros AML Data Suite offers comprehensive features and benefits to enhance AML compliance efforts. With its advanced data analytics capabilities, real-time monitoring, and customizable risk assessment modules, Kyros AML Data Suite empowers organizations to identify and manage risks associated with international PEPs effectively. By leveraging this innovative AML compliance SaaS software, AML professionals can streamline their compliance processes, improve detection rates, and ensure regulatory compliance.
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Written by Erling Andersen
