World-Check is a database of publicly exposed individuals and high-risk individuals and organizations, used around the world to help identify and manage financial, regulatory and reputational risks. World Check is part of the Thomson Reuters suite of risk management solutions and was transferred to Refinitiv after reaching a merger agreement with Blackstone Group in October 2018.
Why was it created?
The creation of the database is a response to legislation aimed at reducing the occurrence of financial crimes . First, banks and financial institutions use World-Check intelligence as a comprehensive solution to assess, manage, and remediate risks. However, as legislation has become increasingly complex and its scope increasingly globalized, the demand for such intelligence has exceeded the financial arena, encompassing organizations in all fields.
World-Check is registered in London and was established by David Leppan and Laura Aboli in 2000 to meet the banking industry’s requirements to reduce risk.
South African-born entrepreneur, philanthropist, big data scientist, chartered financial analyst and risk management expert. Leppan is a technology-driven “serial entrepreneur” and founder / co-founder of: World-Check, Wealth-X, TravelShark, Gatehouse Publishing and Captis Intelligence.
How does World Check work?
World-Check provides reliable information to help companies comply with regulations and identify potential financial crimes. Since its inception, World-Check has provided services for the Know Your Customer (KYC) and third-party screening needs of the world’s largest companies; it simplified daily monitoring and entry decisions, and helped companies comply with anti-money laundering and terrorist financing legislation.
In 2008, World-Check launched Country-Check, which ranks more than 240 countries and regions around the world in terms of risk . Statistical algorithms are used to aggregate various sources of information across political, financial and criminal factors, and to quantify risks associated with customers and transactions based on customers and the country of origin of transactions.
Based on statistics rather than insight, Country-Check can provide actionable intelligence to make smart decisions, useful for mergers and acquisitions , supply chain security, cross-border exploration and expansion, and production.
In 2009, World-Check expanded its product line by acquiring enhanced due diligence reporting service provider IntegraScreen. When a detailed background check is required of any entity or individual, IntegraScreen’s reports will be used and the investigation can be conducted no matter where you are.
What are World Check lists?
Each category has a “global checklist”. All global checklists contain lists of the names and abbreviations of persons or entities, which will be provided after careful verification for the reasons described in the previous chapter. The “Global Checklist” for combating money laundering and terrorist financing is particularly relevant.
How do banks and businesses use World-Check One?
World Check One is a tool used by international companies, banks, financial institutions and credit institutions to efficiently select customers, employees, transactions and avoiding potential risks. It’s simple: if World Check reports the customer as a suspect to the bank, further checks will be run and their request may be rejected.
This process ensures that customers or other members associated with the bank have never engaged in money laundering, political risk, or other illegal activities in any way. After passing the inspection control imposed by World Check, the client will be approved as a bank client and will be able to carry out financial transactions.
Banks use three World Check tools to combat financial crime .
1) Prevention of Money Laundering
2) Fight against terrorism
3) Due Diligence (Process of investigation and analysis of data and information on any financial or economic transaction.)
Is it possible to remove myself from World Check?
You can do it in an absolutely legal way, without imagining hacker teams invading the database.
As long as, they are followed by a reputable online company such as ReputationMiami, which internally has technical and legal qualified figures with a deep knowledge of the regulations on the Right to Be forgotten and RGPD.
Those negative online links that the government and official sources feed on, that later end up being suspicious news according to world check, should be removed.
So if you really want to delete your name from World Check, avoid giving credit to companies that promise unattainable wonders and rely on serious and qualified industry professionals such as those on the ReputationMiami team .