Politically exposed persons (PEP) mean that high-risk clients have more chances than ordinary nations prone to crime. This crime included bribe-taking and money laundering. Also, a politically exposed person has more risk to do corruption.
That doesn't mean they can't be customers. They can be, but they have high-risk for financial institutions and DNFBPs.They need to take precautions for that. One of these precautions is to observe the people whose relatives and close associations with PEPs.
What Are Relatives And Close Associates (RCAs)?
RCA's or Relatives and Close Associates are meaning, the people who have a close connection or accompany with the PEPs. Within RCA's scope, persons such as;
- family members,
- business partners,
- close friends,
- siblings of PEPs may include.
To sum up, all of the people in their immediate social vicinity are included in the risky people category in this sense.
How You Detect Relatives And Close Associates (RCAs)?
Financial institutions have to also detect RCAs like PEP, for this, institutions should have the necessary AML / CTF screening. Within the Sanction Scanner PEP Screening and Sanction service, businesses can meet local and global AML obligations. As a result, they can be protected from legal penalties. Relatives and Close Associates (RCA) can be detected through our PEP screening service. As with PEPs, it should be checked regularly to deal with the risks posed by RCAs, and you can easily do this check with Sanction Scanner solutions.
Sanction Scanner data can perform AML checks with real-time PEP, enforcement, and Adverse Media data from more than 200 countries. The Sanctions Scanner monitors all this data in real-time. Our database is compatible with the regulators of all regions. In addition, with our strong API support, businesses can integrate our AML Screening and Monitoring tool into their projects in minutes and automate all control processes. For more details, you can contact us or request demo.