Why Your Company Needs PEP and Sanctions Screening

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As a business owner, you probably know that compliance is essential to keeping your business running. This means safely storing financial records to protect client privacy, maintaining firewalls around all your data, and screening clients both during and after the onboarding process. Unfortunately, this third step often goes ignored – so much so that institutions around the world paid nearly $27 billion in non-compliance fines from 2008 to 2018!

All financial institutions (and all other businesses, for that matter) should conduct PEP screening and sanctions screening on every customer who wants to work with them. Not only is this necessary to avoid penalties and fees, but it’s also an important step to prevent illegal activities within your organization.

But what do these screenings look for – and why does it matter to your business? Here’s what you need to know about PEP and sanctions screening.

Spotlight

Le Human Resources Solutions Pvt. Ltd.

Le HR Solutions, since its inception in 2003, is one of the fastest growing HR Consulting & Boutique Services company in India and a preferred one-stop shop. We serve Top Corporate, MNCs and are present in the Middle East, African Countries, Latin America and Asian Countries. HR Works is our Brand and is dedicated to fostering human potential in various settings -individual, small groups, communities and corporate organizations and with a specific focus in Small & Medium Businesses.

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Spotlight

Le Human Resources Solutions Pvt. Ltd.

Le HR Solutions, since its inception in 2003, is one of the fastest growing HR Consulting & Boutique Services company in India and a preferred one-stop shop. We serve Top Corporate, MNCs and are present in the Middle East, African Countries, Latin America and Asian Countries. HR Works is our Brand and is dedicated to fostering human potential in various settings -individual, small groups, communities and corporate organizations and with a specific focus in Small & Medium Businesses.

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