Factiva scores politically exposed persons

Risks exposed in enhanced tools from Factiva.

News aggregator Factiva has announced a range of enhancements to its Public Figures & Associates (PFA) service, including a tool that enables information professionals to set the risk guidance for politically exposed persons (PEP).

Factiva Public Figures & Associates (PFA) service includes a database of 500,000 senior people considered to be politically exposed persons. The database includes the relatives and close associates of these people and a detailed list of sanctions and law enforcement lists. "PEPs are unique because financial institutions are not prohibited from dealing with them, but the business impact can be significant if the organisation is found to be dealing with a 'bad' PEP, " said Claude Green, Factiva interim CEO .

The PEP Risk Score Tool is the most significant of the enhancements that have been added to PFA. A central administrator or information professional is able to set the risk guidance levels by setting out the risk criteria for that organisation. This enables an organisation to guide its compliance staff on how the accounts of PEPs should be treated and ensures they comply with company strategy.

Factiva has also developed a PEP Definition Filter which allows information professionals to manipulate the PEP definitions in accordance with local business regulations. A news search tool has also been integrated allowing PFA users to search the Factiva news archive.