LONDON and SAN FRANCISCO, March 18 /PRNewswire/ -- Reflecting the need for financial institutions to focus on the high-risk "Politically Exposed Persons" (PEPs) to ensure compliance with international Anti-Money Laundering regulation and manage the PEP screening challenge, Dow Jones Watchlist, formerly known as Factiva Public Figures & Associates, today published the top 10 job roles with the greatest risk of involvement in money laundering, illicit payments, corruption and other illegal activity. Topping the list of high-risk roles were Heads of State, e.g. a country's President or Prime Ministers, whose scandals often make front-page news and involve significant crimes. Also making the list was the role of state governor, which comes as no surprise following the highly publicized resignation of former New York Governor Eliot Spitzer. "Anti-money laundering checking is a critical but largely unseen task carried out by financial institutions," said Rupert de Ruig, Managing Director of Risk & Compliance for Dow Jones Watchlist. "In many instances, PEPs are considered desirable clients. But do business with the wrong PEP and a scandal can put your organization on the front page of newspapers and take up significant time and resources dealing with the fallout -- or in some cases, fines and irreversible damage to their reputation." Among the surprises from the Dow Jones Watchlist study was the high risk of doing business with city mayors. "Our analysis shows city mayors to be among the top 10 in high-risk job roles -- ahead of political party officials -- and yet globally almost no PEP legislation designates City Mayors as Politically Exposed Persons," added Mr. de Ruig. "This omission could pose a substantial risk to organizations, even if they are meeting regulatory requirements."
The complete list is as follows: TOP 10 HIGH-RISK JOB ROLES 1. Heads & Deputies of State/National Government 2. Senior Members of the Armed Forces 3. National Government Ministers 4. Senior Members of the Secret Services 5. Heads & Deputy Heads of Regional Government 6. Political Pressure and Labor Group Officials 7. City Mayors 8. Political Party Officials 9. State Corporation Executives 10. Senior Members of the Police Services To create the table Dow Jones carried out an analysis of its global PEP database to track the number of official legal actions against persons holding high-level office since the year 2000. The analysis weighted the job categories by the number of overall persons in each category to accurately determine how vulnerable particular job roles were. Another finding of the Dow Jones Watchlist analysis was a high number of persons from the senior members of the Armed Forces and Secret Services from developing countries. This is in contrast to the remainder of the top 10 where instances of criminality per country were reasonably consistent. "In the U.S., the law states that only senior foreign political figures should be considered a risk," said Mr. de Ruig, "However, the Spitzer case is a good example of why increasingly U.S. financial institutions are now also screening domestic PEPs as part of their risk management process." Dow Jones Watchlist is a global database, which tracks and monitors over 500,000 individuals and other entities that represent a legal or commercial risk to institutions, including criminal activity that did not result in political sanctions. To learn more about Dow Jones Watchlist, visit www.solutions.dowjones.com/watchlist or call Daria Hall of Walek & Associates at (212) 590-0534 ABOUT DOW JONES Dow Jones & Company (www.dowjones.com) is a News Corporation company (NYSE: NWS, NWS.A; ASX: NWS, NWSLV; www.newscorp.com). Dow Jones is a leading provider of global business news and information services. Its Consumer Media Group publishes The Wall Street Journal, Barron's, MarketWatch and the Far Eastern Economic Review. Its Enterprise Media Group includes Dow Jones Newswires, Dow Jones Factiva, Dow Jones Client Solutions, Dow Jones Indexes and Dow Jones Financial Information Services. Its Local Media Group operates community-based information franchises. Dow Jones owns 50% of SmartMoney and 33% of STOXX Ltd. and provides news content to radio stations in the U.S.
SOURCE Dow Jones & Company