Refinitiv™ World-Check® is a risk intelligence database which helps organizations across the world meet their regulatory obligations, make informed decisions and help prevent them from inadvertently being used to launder the proceeds of financial crime or association with corrupt business practices.
World-Check’s research team monitors emerging risks in more than 60 languages, covering over 240 countries and territories worldwide. … A dedicated team of research analysts correlates sanction and embargo lists from around the world, including lists such as OFAC, UK HMT, EU, OSFI, FATF and the Australian DFAT.
Also question is, Is World Check Free?
“By providing the Pythagoras Client Screening application to Data-File users free of charge, World-Check is helping smaller financial firms and other entities comply with Know Your Customer (KYC) and Politically Exposed Person (PEP) requirements – as well as to bring their operations into line with the Financial Action …
Also, What is world check screening? What is World-Check Screening? In simple terms, it is a database of politically-exposed persons and heightened risk individuals and organizations around the world to help identify and manage financial, regulatory, and reputational risks.
Accordingly, What is Worldcheck database? World-Check is a database of Politically Exposed Persons (PEPs) and heightened risk individuals and organizations, used around the world to help to identify and manage financial, regulatory and reputational risk.
How do you identify a pep?
FATF Recommendation 12 defines a PEP as being someone who has been (but may no longer be) entrusted with a prominent public function. The language of Recommendation 12 is consistent with a possible open-ended approach (i.e. “once a PEP–could always remain a PEP”).
What countries are on OFAC list?
Currently, sanctioned countries include the Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe. The list of sanctioned countries is updated periodically and is available here.
What is OFAC screening?
We check the Specially Designated Nationals (“SDN”) and Blocked Persons list maintained by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury. OFAC’s main purpose is to enforce economic sanctions to interfere with the flow of criminal funds.
What is World Check used for?
World-Check is a database of Politically Exposed Persons (PEPs) and heightened risk individuals and organizations, used around the world to help to identify and manage financial, regulatory and reputational risk.
Why is a pep high risk?
The definition of politically exposed person (PEP) is an individual with a high profile political role, or who has been entrusted with a prominent public function. They present a higher risk for involvement in money laundering and/or terrorist financing because of the position they hold.
What is PEP in AML?
Politically Exposed Person Definition To put it simply, a PEP is anyone who may be more likely to be involved in bribery, intimidation or corruption because of their importance, power or influence.
How do you check if a person is a PEP?
– A foreign person who has held any time in the preceding year a prominent public function outside the United Kingdom, in a state or international institution.
– Members of courts of auditors or of the boards of central banks.
What is OFAC used for?
The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities …
What are PEPs and sanctions?
Organizations need to perform a detailed politically exposed person (PEP) and sanction check when onboarding new customers, as well as during the ongoing review of clients, to ensure that the organization’s reputation, revenue and capital are protected. …
Why do we sanction screen customers at onboarding?
New customer screening is used to identify customers and is critical for identifying sanctions, PEPs and other-high risk targets entering an organization or having financial dealings with it. … This ensures that your business is kept informed of any status changes to your existing customer base in real time.
What countries are prohibited by OFAC?
– Balkans: Restrictions on activities with specific parties.
– Belarus: Restrictions on activities with specific parties.
– Burundi: Restrictions on activities with specific parties.
– Central African Republic: Restrictions on activities with specific parties.
– Congo, Dem.
What is a pep search?
A PEP List is a list of known Politically Exposed Persons. PEP lists are used by regulated companies to check if a customer is vulnerable to bribery or corruption due to the position and influence, they hold within public life.
What does OFAC screening mean?
Office of Foreign Assets Control
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