What is ongoing monitoring?
Ongoing monitoring is continuous PEPs and sanctions checks that enable legal professionals to scrutinise individuals throughout the course of the business relationship, whilst a transaction is progressing.
What is a PEPs and Sanctions check?
PEPs and sanctions screening allows law firms and solicitors to assess whether an individual or company have high-risk profiles, before processing property transactions.
PEPs: A PEP is an individual with a high-profile public role. These individuals are more susceptible to bribery and therefore, present a higher risk of involvement in money laundering and/or terrorist financing.
Sanctions: Sanctions are global law enforcement lists that help reduce financial crime by flagging people, businesses and countries that have committed or are suspected of committing illegal acts. These checks prevent fraudulent individuals from participating in property transactions.
Adverse Media: Adverse media is essentially any negative news. Assessing an individual's media presence enables legal professionals to gain a more holistic understanding of their client, to help mitigate against potential reputational damage.
Why has your legal professional requested this check?
Law firms and solicitors assume the risk in property transactions. They are heavily encouraged by regulators to adopt a risk-based approach and they are legally obliged to comply with strict anti-money laundering legislation. Performing ongoing PEPs and sanctions screening is a standard practice across the legal market as it enables law firms and solicitors to maintain responsiveness to any changes in a customer's risk profile.
How can I get my data deleted?
Inevitably, when your law firm or solicitor requests ongoing monitoring, Thirdfort has to maintain your data to perform these checks. Should you wish for your data to be deleted, please contact the organisation that requested your Thirdfort check directly. They will need to turn off ongoing monitoring before we can process your request.