London, UK (PRWEB) May 14, 2008
The Financial and Capital Market Commission of Latvia (FKTK) today announced that it will use World-Check's risk intelligence service to enhance its role in overseeing regulatory compliance in the country. Featuring comprehensive profiles on heightened risk individuals and sanctioned entities, World-Check's global database is recognised as the industry standard in KYC anti-money laundering, fraud prevention and counter terrorism financing protocols.
Established in 2001, the commission regulates Latvian banks, insurance companies, insurance brokerage companies, participants in the financial instruments markets, as well as private pension funds. To this end the commission will employ the World-Check database in its supervision of the internal control procedures of financial and capital market participants in order to prevent the abuse of the Latvian financial system in financial crime activities.
"We are delighted that the FKTK has chosen World-Check to assist them in their commitment to safe-guard and promote the reputation of Latvia as a serious and reputable place of business." said David Leppan, World-Check founder and CEO. "As the compliance solution of choice for more than 2,500 institutions worldwide, we have developed a close working relationship with compliance officers, regulators and law enforcement agencies in more than 153 countries and welcome the regulator to the World-Check user community,"
World-Check provides instant access to risk relevant Know Your Customer and PEP information to institutions worldwide, and a 97% year-on-year client renewal rate bears testimony to the confidence that other institutions have placed in this market-leading service.
World-Check provides its global database of heightened-risk individuals and businesses to more than 2800 institutions, including 47 of the world's 50 largest financial institutions and hundreds of government agencies. 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 Politically Exposed Persons (PEPs), money launderers, fraudsters, terrorists and sanctioned entities - plus individuals and businesses from over a dozen other high-risk categories. World- Check's database and tools find direct application in financial compliance, anti-money laundering (AML), Know-Your-Customer (KYC), 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.