Regulated Industries in Ireland Urged to Prioritise and Review Customer identification Programs in Support of Changing Anti Money Laundering Laws

Share Article

World-Check urges businesses to review their current Politically Exposed Persons (PEPs) risk exposure in preparation for the impending changes to Irish AML regulations, in line with the EU Third Money Laundering Directive.

World-Check, the leading provider of risk management services, has urged regulated Irish industries to review their current customer identification programmes and Politically Exposed Persons (PEPs) risk exposure in preparation for the impending changes to Irish Anti Money Laundering regulations. In line with the EU Third Money Laundering Directive, the new laws will expand the scope of Irish industries being regulated, and will require businesses to prioritise the implementation of effective compliance processes as a matter of urgency during 2009.

The most far reaching features of the new AML regulations will include the implementation of a risk-based approach as well as the obligation to undertake enhanced due diligence for PEPs. Under the EU Directive PEPs are defined as 'natural persons who are or have been entrusted with prominent public functions and immediate family members, or persons known to be close associates of such persons.'

"Identifying PEPs and the risk they may pose to an institution can be a challenging and burdensome process," said Mr. Daniel Peak, Chief Executive Officer of World-Check. "If service providers draw the net too widely, their compliance department and infrastructure becomes overloaded, yet if they subscribe to too narrow a PEP definition, the likelihood of a high-risk person or a dubious transaction going undetected is substantially increased. PEP due diligence has far less to do with PEP identification than it has to do with risk detection. A database that merely confirms that an individual is a PEP is of little value as it's the information on the associates, middlemen, relatives, companies and trusts that often reveal the level of risk."

World-Check features a database of hundreds of thousands of Politically Exposed Persons across the globe, and the ability to identify and critically assess PEP risk. Widely recognised as the industry pioneer and thought leader in the field of PEP due diligence and risk mitigation, World-Check has produced an extensive white paper on the PEP definition within increasingly complex regulatory compliance spheres.

The paper is available on the World-Check website

About World-Check:
Trusted by more than 3,800 institutions in over 160 countries, including 49 of the world's top 50 banks, World-Check offers an end-to-end solution for assessing, managing and remediating financial, regulatory and reputational risks.

World-Check's global database of heightened risk individuals and entities, Enhanced Due Diligence (EDD) reports, passport verification and country risk assessment tools provide the means to address the full spectrum of risk across all markets and industries.

Represented across five continents, World-Check's international research team monitors emerging risks in more than 50 languages, covering over 240 countries and territories worldwide.

For more information visit


Share article on social media or email:

View article via:

Pdf Print

Contact Author

Marion Willson
0044 20 8099 7263
Email >
Visit website