World-Check Profiles Iranian Entity Four Years Ahead of OFAC

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On the 29th of March World-Check's reputation as an early warning system was further ratified, when the US Treasury OFAC placed an Iranian entity - the Defense Industries Organisation (DIO), on its Non Proliferation of Weapons of Mass Destruction List. DIO had been profiled in World-Check's database as far back as December 2002.

World-Check, the leading provider of KYC and PEP screening solutions, has once again proven its worth by identifying high risk entities and individuals ahead of sanctioning bodies. On March 29 2007, both the US Treasury (OFAC) - (http://www.treas.gov/offices/enforcement/ofac/actions/20070330.shtml) and the Bank of England (http://www.bankofengland.co.uk/publications/financialsanctions/sanctionsconlist.htm) added seven companies and three individuals to their SDN and financial sanctions lists. Of the three individuals World-Check already had two profiled in its database as well as one of the entities. In one particular case World-Check had profiled the individual almost 2 years ahead of the regulatory bodies.

Back in November 2005 the World-Check research team specialising in Africa, profiled a Congolese gold dealer by the name of Dieudonne Ozia Mazio,. The reason for his inclusion in World-Check seems obvious now. He was reported to have provided various types of support to Congolese armed groups, in violation of the international arms embargo imposed on warring parties in the DRC conflict. World-Check clients were alerted to this individual almost two years ahead of him being added to official lists.

A few months later, in July 2005 another Congolese individual - Kambale Kisoni, a gold trader and owner of Butembo Airlines and Congocom Trading was also identified by World-Check researchers as 'high risk', for his involvement in the transportation of arms and gold. (http://www.ustreas.gov/offices/enforcement/ofac/bulletin.txt). World-Check clients were able to visualise the complex web of associations between these individuals and their entities thanks to World-Check's visualisation tool.

Also included in the Treasury's list of 29th March are three companies associated to Victor Bout, an international arms dealer profiled by World-Check more than three years before he appeared on the OFAC list. The Bout 'empire' is one of the largest illicit arms-trafficking networks in the world, World-Check so far has identified more than 50 entities associated to Bout. (http://www.ustreas.gov/press/releases/hp334.htm)

"Having a specialised team of researchers for the African continent, that speak the languages and understand the nature of the social and political climax, has made all the difference in uncovering entities and individuals, like the ones recently added to OFAC." said David Leppan, CEO and Founder of World-Check, " We are proud that once more World-Check was able to alert its clients to risk by providing them with accurate and comprehensive data they could use to make informed decisions and thereby avoid some serious regulatory issues."
As the recognised industry standard, World-Check is committed to providing crucial intelligence and innovative tools to assist its client institutions avoid unnecessary reputation and financial risk.

ABOUT WORLD-CHECK
World-Check is relied upon by more than 2000 institutions, including 45 of the world's 50 largest financial institutions and hundreds of government agencies, with its global database of heightened-risk individuals and businesses. The database is updated daily in real-time by World-Check's international research team and is derived from hundreds of thousands of public sources. Coverage includes PEPs, money launderers, fraudsters, terrorists and sanctioned entities -- plus individuals and businesses from over a dozen other high-risk 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 other identity authentication, background screening and risk-prevention practices. World-Check offers a downloadable database for the automated screening of an entire customer base, as well as a simple online service for quick customer screening.

For more information please visit: http://www.world-check.com

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DAVID LEPPAN
World-Check
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