GSW SpotLight provides you the most comprehensive and up-to-date profiles of high-risk individuals. GSW SPOTLIGHT ™ is powered by Cowsmic Technologies®, a software development company based in Palo Alto, CA
GSW SPOTLIGHT™ has over 1.5M updated entries; each with more than 10 categories of information and photo (when available). Its updates and screening includes PEPs, OFAC, FBI, DEA, UN, IRS, WB and other national and international lists.
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The Global PEP list includes profiles of Politically Exposed Persons, as well as those of their family members and close associates. Politically Exposed Persons (PEPs) are considered high risk in today's regulatory environment. Regulation requires enhanced due diligence when conducting business with Politically Exposed Persons, particularly when they become part of private banking transactions. Heavy fines have been imposed on financial institutions that have conducted business with PEPs without following adequate Know Your Customer procedures and enhanced due diligence processes.
Since September 11, 2001, more than 100 countries have tightened their Anti Money Laundering laws, making the fight against corruption a central element of their new legislation. In addition, there has been greater emphasis on cooperation between nations to enforce the Foreign Corrupt Practices Act.
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Over the past five years, GSW SpotLight ™ has helped customers protect their reputation, fight fraud and stay compliant. Our comprehensive database is currently used by financial intelligence units, regulators, government agencies, accounting firms, law firms, financial institutions and risk analysis units in companies of national and international stature.
The GSW SpotLight™ solution enables you to spot individuals and companies associated with more than 50 categories of risk, including:
In financial regulation, "politically exposed person" (PEP) is a term describing someone who has been entrusted with a prominent public function, or a relative or known associate of that person. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. The terms politically exposed person and Senior Foreign Political Figure are often used interchangeably, particularly in international forums.
In February 2012, the FATF's latest definition of politically exposed persons (PEP), revised from 2003, is as follows:
No 'official' PEP lists exist, since governments are not in the business of PEP lists. The CIA and UN have lists of heads of states, which fall below the PEP definitions of FATF.
Some governments do issue PEP lists but as noted by the FATF recommendations, these are not complete listings and solely relying on these lists will not be compliant under any PEP programs.
Consistent with this objective, FATF's Recommendation 12 requires countries to implement measures requiring financial institutions to have appropriate risk management systems in place to determine whether customers or beneficial owners are foreign PEPs, or related or connected to a foreign PEP, and, if so, to take additional measures beyond performing normal customer due diligence (CDD) (as defined in Recommendation 10) to determine if and when they are doing business with them.
As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked and U.S. persons are generally prohibited from dealing with them.
Not only does PEP corruption undermine the rule of law; pillages a states' assets; muddles business transparency; stymies fair competition and restricts innovation but, if left unchecked, corrupt PEP behaviour is detrimental to the overall health of the economy which will eventually negatively impact any firm hoping to penetrate that market.
International rulings and local AML guidelines typically include a PEP due diligence clause thus there is a legal obligation to adhere to.
In recent years, AML compliance has taken a larger role in international business relationships and numerous banks have begun to “de-risk” potentially high risk business relationships with potentially little profit margins. This can be seen in the reduction of correspondent banking relationships globally by Western banks.
PEP due diligence is often a clause in the AML questionnaire that Western banks raise. Thus if a bank does not maintain an active and strong PEP due diligence program, it may negatively impact its reputation and may lead to severance of lucrative correspondent relationships. In summary, PEP relationships pose risks from a regulatory, reputational and moral aspect.
The results obtained through the search service are provided without warranty of any kind, whether express, implied or statutory. The company and its collaborators specifically disclaim any implied warranties of title, merchantability, fitness for a particular purpose and non violation. The data and information that make our compilation of directories are consulted or completed on different dates according to a comparison process, inquiry and confirmation, review and validation; among other processes. These data are provided by the institutions and persons outlined. Public, official and legal sources were also consulted.
In addition to collection and capture by our research team; we take the greatest care to collect the information of our diverse and varied sources that, in some cases can result in errors, omissions or obsolescence. Therefore, the information goes through processes of comparison, investigation, confirmation, review, validation; among other processes. Anyway, by the constant, rapid and varied changes that occur in such sectors as well as the wealth of information and breadth of gathering in one service, all the information can observe errors, obsolete or omissions .
For the reasons stated above; we are not responsible for damage that these errors, obsolete or omissions may cause. Under any circumstances; neither we nor affiliates, officers, directors, agents, employees or suppliers be liable for lost profits or damages arising consiguientes- -incidentales or regarding our web site or computer services in whatever their origin. By using our services, you agree to the terms, conditions and limitations of liability set forth herein.
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