By Andrei Skvarsky.
BankersAccuity, a company setting global standards for payment efficiency and offering compliance solutions, is launching the first politically exposed person (PEP) database for the Russian market in a bid to prevent fraud, money laundering and bribery.
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The database contains data on individuals who are part of the executive, legislative or judicial branches of government, military leaders, directors of state-owned entities and executives appointed by the Russian president.
It also has records on immediate family and known close associates of such people, according to a statement from the London-based company, which is owned by the Reed Business Information business to business publisher and part of global business information provider Reed Elsevier.
One new feature of the database is that it contains information in Cyrillic as well as Latin characters.
BankersAccuity’s director for risk and payments, Micah Willbrand, told EmergingMarkets.me that all previous databases only used Latin characters, which meant many of Russia’s PEP names remained unknown to foreign banks and corporates.
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