In Ireland, the definition of a politically exposed person (PEP) is broadening under the 6th EU Anti-Money Laundering Directive (AMLD6) to include domestic PEPs - Irish residents in influential roles within national institutions. The recent presidential election, which drew significant public attention and underscored the value of transparency in political leadership, reinforces the relevance of this shift. As domestic figures gain prominence, the regulatory framework continues to evolve to ensure that both they and their networks are subject to proportionate scrutiny - reaffirming Ireland's commitment to financial integrity and public trust.
What is a PEP?
A politically exposed person (PEP) is an individual who holds, or has held, a prominent public function, often associated with heightened influence and, consequently, increased risk. This designation extends beyond the individual to include close associates such as family members and business partners, who may also pose a risk due to their proximity.
While this definition serves as a critical guideline for financial institutions, Vision-net has implemented a "Tiering System" to more precisely reflect the level of risk associated with each individual, based on the nature and scope of their public role.
The Widest Coverage Available
Vision-net's AML compliance platform offers unrivalled access to over 1.4 million PEPs, 4 million profiles of high-risk individuals, and 20 million supporting documents across 131 jurisdictions. This data is continuously updated from more than 14,000 media sources, ensuring real-time relevance and reliability.
While global reach is important and fully integrated into our platform, Irish organisations are increasingly focused on identifying domestic PEPs within their customer base.
For domestic Irish customers, Vision-net enriches its PEP data with local insight and proprietary datasets, enabling deeper, more comprehensive risk and background checks on Irish individuals and companies than any other provider.
These data sets unique to Vision-net include...
- PEP Searching
- Sanction Checks
- Bad Debt Judgment Checks
- Revenue Default Agreements
- Bankruptcy Checks
- Disqualified & Restricted Persons
- Directorship Search
- Business Owner Search
- KYC Company Reports
- Beneficial Owner Company Reports
- Personal Insolvency Checks
- Debt Settlement Arrangements
- Debt Relief Notice
- Customer Monitoring
In addition, Vision-net extends its Irish PEP screening service to include sanction checks, bankruptcies, personal insolvencies, disqualified persons, and revenue defaults - offering the most comprehensive AML checks available in Ireland.
