PEP and Sanctions Checks for new clients
LWheel2003
Member
Does everyone use an external company do this for them. We have a lot of retained clients, but probably only 10-20 new clients a year. Would really appreciate hearing from others on the cheapest way to carry out these checks, to keep our records compliant. Thank you
Comments
Guidance from our external compliance firm is the HM Treasury - UK Consolidated Financial Sanctions List should be checked against new clients before providing services and transactions and against your existing clients when any updates to the sanctions list is made.
I'd suggest looking at SmartSearch
For existing clients we run a check whenever new business is processed and at annual review.