Our aim is to provide the financial services industry with a comprehensive solution that allows for instant access to relevant KYC and PEP information
London (PRWEB) July 30, 2008
Lloyd's, the world's leading specialist insurance market, today announced that it has chosen World-Check to meet its Due Diligence and Know Your Customer compliance needs. World-Check is the leading provider of intelligence on heightened risk individuals and entities to more than 2900 institutions in 161 countries.
"Lloyd's is regulated by the Financial Services Authority and thereby we are committed to upholding and promoting the highest standards of ethical and responsible business," said Andrew Wragg, Senior Manager, International Market Access at Lloyd's. "World-Check's service provides risk information in a consolidated manner and we are confident that we are effectively mitigating risk in order to ensure compliance, prevent illegal activity and protect our reputation."
World-Check has been at the forefront of Politically Exposed Persons research and KYC intelligence since its establishment in 2000, and as such has taken the lead in providing the global financial services industry with unequalled risk relevant intelligence. Presently, more than 18,000 compliance and legal professionals worldwide rely on World-Check to perform their duties and functions.
"Our aim is to provide the financial services industry with a comprehensive solution that allows for instant access to relevant KYC and PEP information" said David Leppan, World-Check founder and CEO. "Not only can this service assist Lloyd's in conducting a thorough and internationally recognized due diligence practice, but it frees compliance and management from reputational and business risk issues so they can focus on building business relationships."
Media Relations Executive
+44 (0)20 7327 6272
Marion Willson, Media Desk: +44 (0)20 8099 7263
General Enquiries: +44 (0)20 7647 8500
Lloyd's is the world's leading specialist insurance market. Lloyd's underwriting capacity at 1 January 2008 is £15.95 billion which will be underwritten through 75 syndicates (including SPS and RITC syndicates), managed by 46 managing agents and supported by 176 brokers. It is the world's third largest non-life reinsurer, and is the second largest surplus lines insurer in the US. Lloyd's is regulated by the Financial Services Authority.
World-Check provides its global database of heightened-risk individuals and businesses to more than 2,900 institutions in 161 countries; including 47 of the world's 50 largest financial institutions and hundreds of government agencies. The database is updated daily in real-time by an international research team and is derived from hundreds of thousands of public sources. World-Check offers market leading coverage on money launderers, fraudsters, terrorists, organised syndicates and sanctioned entities amongst others. In addition, World-Check tracks Politically Exposed Persons and their relationship networks, plus individuals and businesses from many other categories.
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. A 98% client renewal rate bears testimony to the unparalleled depth, reliability and coverage of this database.