Process Overview
For each client identity verification, we will:
Automatically screen client details against current PEP and Sanctions lists
Flag any potential matches for compliance review
Conduct enhanced due diligence on flagged matches
Contact clients if additional information is required
Complete verification once screening is resolved
Important: This screening is a legal requirement under Australian AML/CTF laws. Being flagged does not imply wrongdoing.
Understanding Sanctions
What Are Sanctioned Entities?
Sanctions are restrictive measures imposed by individual countries (such as Australia) and intergovernmental bodies (like the United Nations) on specific organisations or individuals.
Why Sanctions Are Imposed
Sanctions address situations of international concern including:
Repression of human rights or democratic freedoms
Proliferation of weapons of mass destruction
Internal or international armed conflict
Types of Sanctions
Sanctions are measures "not involving the use of armed force" (UN Charter, Article 41) and may include:
Restrictions on economic relations and activities
Restrictions on goods and services
Restrictions on transactions with specific entities or individuals
Legal Implications
Penalties for Contravening Australian Sanctions Laws:
Individuals: Up to 10 years imprisonment and substantial fines
Corporate entities: Significant financial penalties
Application of Australian Sanctions Laws:
All activities conducted within Australia
Australian citizens operating overseas
Australian-registered corporations operating overseas
Note: Activities may also be subject to sanctions laws of other countries. Clients should seek legal advice to ensure full compliance with all applicable regulations.
Additional Information: Australian Sanctions Guidance
Understanding Politically Exposed Persons (PEPs)
What Are PEPs?
A Politically Exposed Person (PEP) is an individual who has been entrusted with a prominent public function. This classification is used in the financial services industry for financial crime prevention.
Who Qualifies as a PEP?
PEPs may include:
Members of cabinets and parliaments
Senior public servants and military personnel
Managers of state-owned companies
Other individuals holding prominent public positions
Family members and close associates of PEPs
Important Clarification
Being classified as a PEP does not imply any wrongdoing or misconduct. The classification exists because PEPs and their family members are subject to enhanced public scrutiny under financial crime laws. Enhanced due diligence on PEPs is mandated by Australian AML/CTF legislation.
VerifiMe Screening Process
Data Sources
VerifiMe maintains a commercial relationship with a specialized data provider to access comprehensive, up-to-date screening lists covering:
International sanctions lists (UN, EU, US, Australia, and other jurisdictions)
Politically Exposed Persons across all geographic regions
Associated individuals and entities
Screening Workflow
Client details are automatically screened against current lists during identity verification
Potential matches are flagged for compliance team review
Enhanced due diligence is conducted on all flagged matches
Clients are contacted if additional information is required
Verification is completed once screening is resolved
Screening Results and Outcomes
Understanding Potential Matches
When client details match or partially match an entry on a PEP or Sanctions list:
This does not automatically confirm the client is the listed person
Common names or similar details frequently trigger false positives
The compliance team conducts detailed review to confirm or exclude matches
Resolution time varies depending on the complexity of the match
PEP Match Outcomes
If a client is confirmed as a PEP:
Enhanced due diligence procedures will be conducted
Additional documentation may be requested to verify source of funds/wealth
This is a standard regulatory requirement and does not imply wrongdoing
Verification can proceed once enhanced due diligence is completed
Sanctions Match Outcomes
If a client matches a Sanctions list:
The case is immediately escalated for urgent review
Services may be legally required to be suspended or declined
We are obligated to comply with all applicable sanctions laws
The client will be notified of the outcome as soon as possible
Note: Confirmed sanctions matches may require reporting to relevant authorities under Australian law.
Support & Questions
For questions about the VerifiMe PEP and Sanctions screening process:
Contact: VerifiMe Support Team
Email: [email protected]
For the full list of Politically Exposed Persons across any geographic region or detailed information about specific sanctions lists, contact our support team.