World-Check
Encyclopedia
World-Check created and maintains a database
of Politically Exposed Persons
(PEPs) and heightened risk individuals and organisations. Reported by the company to serve more than 4500 institutions in 162 countries, including 49 of the world’s 50 top banks, World-Check's risk products and services are used to identify and manage financial, compliance and reputational risks.
World-Check provides its risk intelligence to banks, building societies, lending, leasing and hire purchase companies, credit unions, asset management companies, foreign exchange dealers, stored value card issuers, remittance dealers, life insurers, financial planners, custodial service companies, cash couriers and securities and precious gem dealers, as well as gambling, gaming and sports betting operators. In addition World-Check claims that its services are in use by over 200 government agencies(immigration, security, intelligence, and international bodies including the United Nations
.
Organisations use World-Check's products and services to better understand the individuals and organisations they do business with.
The company's intelligence helps mitigate risk during processes such as new account opening, regular account review and the automated batch-screening of electronic transactions. World-Check products such as IntegraScreen reports for due diligence and Country-Check for assessing geographic risk complement their risk intelligence and automated screening services.
World-Check's proprietary database and tools are also used to support financial compliance and risk screening procedures. Some of its primary uses relate to Anti Money Laundering (AML) compliance, Counter Financing of Terrorism (CFT), Know Your Customer
(KYC) regulations, PEP
risk management, customer due diligence, fraud prevention, government intelligence and other identity authentication, background screening and risk-prevention practices.
, corruption
, terrorism
, money laundering
, narcotics trafficking and many other types of financial crime.The open-source research methodology (OSINT) is used.
The World-Check database includes profiles of high-risk and 'potential' heightened-risk individuals and entities, and their associates, from more than 240 countries and territories. Its research department correlates every known sanction and embargo list from around the world, including lists such as OFAC, UK HMT, EU, OSFI, FATF and the Australian DFAT. Debarred and banned parties are profiled as well.
. During 2008, World-Check launched Country-Check, a risk index providing rankings for over 240 countries and territories worldwide. Powered by a statistical model, Country-Check aggregates more than 160 reputable information sources across political, financial and criminal factors, providing a holistic perspective on country risk.
World-Check also acquired IntegraScreen, an international provider of due diligence reporting services, during early 2009.
announced the acquisition of World-Check.
World-Check is now part of the Governance Risk & Compliance (GRC) unit of Thomson Reuters, and will continue to operate as an independent UK company and business unit, in the constellation of Thomson Reuters.
Database
A database is an organized collection of data for one or more purposes, usually in digital form. The data are typically organized to model relevant aspects of reality , in a way that supports processes requiring this information...
of Politically Exposed Persons
Politically exposed person
PEP is an abbreviation for Politically Exposed Person, a term that describes a person who has been entrusted with a prominent public function, or an individual who is closely related to such a person. The terms PEP, Politically Exposed Person and Senior Foreign Political Figure are often used...
(PEPs) and heightened risk individuals and organisations. Reported by the company to serve more than 4500 institutions in 162 countries, including 49 of the world’s 50 top banks, World-Check's risk products and services are used to identify and manage financial, compliance and reputational risks.
World-Check provides its risk intelligence to banks, building societies, lending, leasing and hire purchase companies, credit unions, asset management companies, foreign exchange dealers, stored value card issuers, remittance dealers, life insurers, financial planners, custodial service companies, cash couriers and securities and precious gem dealers, as well as gambling, gaming and sports betting operators. In addition World-Check claims that its services are in use by over 200 government agencies(immigration, security, intelligence, and international bodies including the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
.
Organisations use World-Check's products and services to better understand the individuals and organisations they do business with.
The company's intelligence helps mitigate risk during processes such as new account opening, regular account review and the automated batch-screening of electronic transactions. World-Check products such as IntegraScreen reports for due diligence and Country-Check for assessing geographic risk complement their risk intelligence and automated screening services.
World-Check's proprietary database and tools are also used to support financial compliance and risk screening procedures. Some of its primary uses relate to Anti Money Laundering (AML) compliance, Counter Financing of Terrorism (CFT), Know Your Customer
Know your customer
Know Your Customer refers to both:* The activities of customer due diligence that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them* And the bank regulation which governs...
(KYC) regulations, PEP
Politically exposed person
PEP is an abbreviation for Politically Exposed Person, a term that describes a person who has been entrusted with a prominent public function, or an individual who is closely related to such a person. The terms PEP, Politically Exposed Person and Senior Foreign Political Figure are often used...
risk management, customer due diligence, fraud prevention, government intelligence and other identity authentication, background screening and risk-prevention practices.
Research Coverage
World-Check’s research team monitors emerging risks in more than 50 languages, covering over 240 countries and territories worldwide. Multilingual researchers profile individuals and companies the international financial community deem to warrant enhanced scrutiny, as well as occurrences of fraudFraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
, corruption
Political corruption
Political corruption is the use of legislated powers by government officials for illegitimate private gain. Misuse of government power for other purposes, such as repression of political opponents and general police brutality, is not considered political corruption. Neither are illegal acts by...
, terrorism
Terrorism
Terrorism is the systematic use of terror, especially as a means of coercion. In the international community, however, terrorism has no universally agreed, legally binding, criminal law definition...
, money laundering
Money laundering
Money laundering is the process of disguising illegal sources of money so that it looks like it came from legal sources. The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote estimates each year for the amount...
, narcotics trafficking and many other types of financial crime.The open-source research methodology (OSINT) is used.
The World-Check database includes profiles of high-risk and 'potential' heightened-risk individuals and entities, and their associates, from more than 240 countries and territories. Its research department correlates every known sanction and embargo list from around the world, including lists such as OFAC, UK HMT, EU, OSFI, FATF and the Australian DFAT. Debarred and banned parties are profiled as well.
About World-Check
World-Check is registered in London. The company was originally founded in 2000 by David Leppan to address the risk mitigation requirements of the Swiss banking community. It recently received a large strategic capital investment from Spectrum Equity InvestorsSpectrum Equity Investors
Spectrum Equity Investors is a Boston-based private equity and venture capital firm founded in 1994. The firm focuses on business services, entertainment, communications, information services, media, and related growth sectors. The firm currently has a capital base of approximately $4.7 billion...
. During 2008, World-Check launched Country-Check, a risk index providing rankings for over 240 countries and territories worldwide. Powered by a statistical model, Country-Check aggregates more than 160 reputable information sources across political, financial and criminal factors, providing a holistic perspective on country risk.
World-Check also acquired IntegraScreen, an international provider of due diligence reporting services, during early 2009.
Thomson Reuters
On May 16th 2011 Thomson ReutersThomson Reuters
Thomson Reuters Corporation is a provider of information for the world's businesses and professionals and is created by the Thomson Corporation's purchase of Reuters Group on 17 April 2008. Thomson Reuters is headquartered at 3 Times Square, New York City, USA...
announced the acquisition of World-Check.
World-Check is now part of the Governance Risk & Compliance (GRC) unit of Thomson Reuters, and will continue to operate as an independent UK company and business unit, in the constellation of Thomson Reuters.
External links
- http://www.world-check.com/overview/
- http://www.integrascreen.com
- http://www.un.org/News/briefings/docs/2006/060425_OCHA_PC.doc.htm
- http://www.nytimes.com/2004/12/12/politics/12finance.html?ex=1260507600&en=80ff62f666830834&ei=5090&partner=rssuserland
- http://www.innercitypress.com/icg042506.html
- http://www.offshorebusiness.com/Documents/nov02worldcheck.htm
- http://www.offshorebusiness.com/documents/december3104world-check.htm
- http://www.trustalliance.com/compliance-services/products/products.html