Organizations covered by the legislation on the prevention of money laundering and terrorist financing are obliged to identify their clients who are or have been entrusted with a prominent public function and also their immediate family members and close associates, the so-called Politically Exposed Persons (PEPs).

Many organizations use international databases to identify their PEPs. The limitation however is that many PEPs in the Dutch Caribbean are not registered in the existing databases.

In order to solve this shortcoming Compliance Services Caribbean, as one of the partners in PEP Caribbean B.V., offers a database of PEPs specifically for the Dutch Caribbean. The database is based on public information and is updated weekly.

The PEP (Dutch) Caribbean Database is available in three options.

Option 1: ‘PEP Online’: An online version that can be searched by name, first name, nickname or alias. This version is mainly useful when accepting clients and is suitable for small organizations that do not have an automated monitoring system.

Option 2: ‘PEP Online’ + link for a monitoring system: This is the online version in option 1 with an additional link between the AML/CFT monitoring system of the service provider and the PEP database. In this case, the daily monitoring by the internal monitoring system will automatically include the possible PEP match. This version is suitable for organizations with an automated monitoring system.

Option 3: ‘PEP Online’ + periodical list matching: This is the online version in option 1 plus the ability to periodically upload your client list, which is subsequently matched with the names in the database. Hereafter a report is generated, which includes PEP matches and potential PEP matches.

Potential PEP matches describe the situation in which there is no complete data of the person in the database of the service provider or in the PEP database. Therefore, it is not possible to say with certainty whether there is a match. After proper assessment of that potential match, the service provider will need to categorize this person as either a ‘match’ or a ‘no-match’ for their future verifications.

This option is suitable for organizations which do not have an AML/CFT monitoring system.

For more information or to sign up for the PEP (Dutch) Caribbean Database, please e-mail to: support@pep-caribbean.com

PEP Database Login: https://pep-caribbean.com