(PRWEB) September 13, 2006
LONDON, September 13th, 2006. World-Check, the leading provider of risk-related intelligence on heightened risk individuals and entities, is proud of its record of being ahead of the sanction-list curve. During the last 18 months, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) augmented the OFAC List with some 330 individuals and entities. Through its continued research and expertise, World-Check had identified 89 of these prior to their inclusion on OFAC. Of even further note, 21 of these 89 are in relation to terrorism. Once again World-Check has proven its worth as an early-warning system in protecting the financial community from adverse risk. Over 2,000 institutions, including 45 of the world’s 50 largest financial institutions and hundreds of government agencies, rely on the World-Check database of known heightened-risk individuals and businesses to efficiently screen their customers, associates, transactions and employees for potential risk.
World-Check’s database, compiled entirely from open source information, often identifies individuals as heightened- risk before they appear on the lists of sanctioning organizations, such as the Bank of England and OFAC. An example is the case of Radulan Sahiron, a leader of the terrorist organization Abu Sayyaf Group (ASG). Sahiron was, profiled on World-Check in August 2002, more than three years ahead of OFAC adding him to its list of Special Designated Terrorists in November 2005. World-Check not only profiled Sahiron, but also identified and linked a number of other senior members of the same terror group, notably Isnilon Hapilon and Hamsiraji Sali. Several of these individuals are still not listed in OFAC.
Not only with regards to terrorism is World-Check ahead of the regulators. The Sanam Industrial Group was profiled in World-Check nearly four years ahead of OFAC adding it to its Non-Proliferation of Weapons of Mass Destruction list.
“We are proud to keep our clients ahead of the curve on such important matters and realize how valuable World-Check is as the leading open source intelligence provider to the financial community,” said Mr David Leppan, World-Check’s founder and CEO. “We continue to invest heavily in our people and technology in order to mitigate risk on behalf of our customers. These statistics and the fact that we are often as much as 2, 3 and even 4 years ahead of the authorities, offers further proof of the success of our researchers in uncovering true risk.”
World-Check is proud of its well established track record and to ensure that it continues to stay one step ahead of the regulators, its highly dedicated team continuously monitors hundreds of thousands of sources, gathering unstructured open source information and correlating it into a highly structured KYC and PEP database.
Over 2,000 institutions, including 45 of the world’s 50 largest financial institutions and hundreds of government agencies, rely on the World-Check database of known heightened-risk individuals and businesses to efficiently screen their customers, associates, transactions and employees for potential risk. This highly-structured database is updated daily in real-time by World-Check's international, research team and is derived from hundreds of thousands of public sources. It is this unprecedented commitment to ongoing research that has established World-Check as the industry standard. No other service replicates the quality of intelligence in this market-pioneering database.
Coverage includes PEPs, money launderers, fraudsters, terrorists and sanctioned entities, plus individuals and businesses from over a dozen other categories. World-Check's proprietary database and tools have direct use in financial compliance, anti-money laundering (AML), Know-Your-Customer (KYC), Politically Exposed Person (PEP) screening, enhanced due diligence (EDD), fraud prevention, government intelligence and enforcement, and other identity authentication, background screening and risk-prevention practices.
In addition to the financial industry, other client sectors include government, insurance, international distribution and trade, legal, gaming, aviation, real estate, consultancy, natural resources and accounting to name but a few.
In addition, World-Check is a useful and recognised solution for pre-employment/background screening across all industries.
World-Check can be accessed through two annual subscription models. World-Check’s online service:- allows for simple manual checking of entities, and World-Check’s download service enables clients to bring this process in-house and automate the screening of a virtually unlimited number of names and records.
For more information, please visit http://www.world-check.com