Before agreeing to a business relationship or carrying out a transaction, financial institutions have to carry out the Customer Due Diligence process. At this stage, Political Exposed Person (PEP) checks are carried out. Our client is a dutch insurance group, and their administration department carries out these PEP checks on a daily basis. New policies that require a Justice PEP check are collected in an Excel file. Then, for each of these policies, a PEP check is performed in a risk assessment application: FRISS. If the check is positive, the transaction can be carried out. However, if the check is negative, the policy is forwarded to the designated persons that will handle the high-risk policy.
This entire process, from collecting policies to assessing the PEP checks, is one that employees face in their day-to-day tasks. Not only is this process repetitive, but it also requires quite some time to finish. As a result, the department is not always able to finish all PEP checks on time.