LONDON (PRWEB) June 20, 2006
World-Check, the leading provider of KYC and PEP intelligence on heightened risk individuals and entities, today announced the launch of “Passport-Check,” a pioneering and cutting edge module that verifies the authenticity of machine-readable passports. This extremely valuable feature will give all World-Check Online users the capability of verifying the identity of customers in seconds and more importantly will allow such checks to be carried out in-house.
Passport-Check will provide users the certainty that a passport is authentic and valid. Financial institutions, law firms and other industries have a duty to verify the identity of their clients by examining the authenticity of the identification documentation presented at the start of a business relationship.
“By providing a passport verification service World-Check will once again meet the financial industry's very pressing requirements and provide a solution to what is a major problem,” said CEO and Founder of World-Check, David Leppan. “This application will dramatically improve the verification of customer identification and will reduce the costs incurred in going to third parties to confirm such identification. The industry currently has no effective way of verifying identification documentation and instead relies heavily on verifying an individuals address by using utility bills and other such documents which are easy to fake and as such unreliable. Passport-Check, in a matter of seconds, will confirm what the two machine readable lines on the photograph page should read, thereby verifying whether the document is genuine or forged.”
By simply entering the issue data, Passport-Check’s control digit verification technology works out the appropriate control line and in addition the software works out the plausibility of the “Date of Issue” and quotes the age of the Passport bearer.
“With such a sharp increase in identity fraud and money laundering and the concern about terrorist financing, verifying a passport is a key KYC component. Finally the financial industry has a solution and I have little doubt that the hundreds of government agencies that use World-Check will also come to rely on Passport-Check,” Leppan explained.
In it’s continued pioneering spirit, which has kept World-Check at the forefront of KYC and PEP risk mitigation, World-Check is now extremely pleased to offer its clients such a cutting edge enhancement.
World-Check assists institutions in mitigating reputation, financial and compliance risk by monitoring and correlating information on high-risk entities. World-Check provides risk-reduction technology to 1,800 institutions in more than 130 countries. Recognized as an industry pioneer, World-Check has revolutionized and “standardized” global Know Your Customer (KYC) and Politically Exposed Person (PEP) screening. Today, 45 of the world’s top 50 banks, and hundreds of regulatory and government agencies use World-Check’s global list of heightened-risk individuals and organizations.
For more information please visit: http://www.world-check.com