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World-Check is a
database In computing, a database is an organized collection of data stored and accessed electronically. Small databases can be stored on a file system, while large databases are hosted on computer clusters or cloud storage. The design of databases sp ...
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. World Check formed part of the
Thomson Reuters Thomson Reuters Corporation ( ) is a Canadian multinational media conglomerate. The company was founded in Toronto, Ontario, Canada, where it is headquartered at the Bay Adelaide Centre. Thomson Reuters was created by the Thomson Corpora ...
Risk Management Solutions suite before being transferred to
Refinitiv Refinitiv is an American-British global provider of financial market data and infrastructure. The company was founded in 2018. It is a subsidiary of London Stock Exchange Group after a US$27 billion sale from previous owners Blackstone Group LP ...
after a merger deal with
The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...
in October 2018. The creation of the database was in response to legislation aimed at reducing the incidence of
financial crimes Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property (belonging to one person) to one's own personal use and benefit. Financial crimes may involve fraud (cheque fraud, credit card f ...
. To begin with, World-Check's intelligence was used by banks and financial institutions as a comprehensive solution for assessing, managing and remediating risk. However, as legislation has become increasingly complex and its reach has become increasingly global, the demand for such intelligence has grown beyond the financial sector to include organisations from all sectors.


Research coverage

World-Check's research team monitors emerging risks in more than 60 languages, covering over 240 countries and territories worldwide. All information used is in the public domain and research analysts profile individuals and entities using open-source research methodology (
OSINT Open-source intelligence (OSINT) is the collection and analysis of data gathered from open sources (covert and publicly available sources) to produce actionable intelligence. OSINT is primarily used in national security, law enforcement, and busi ...
) while adhering to strict protocol such as that laid down by the Data Protection Act (UK). A team of analysts correlates sanction and embargo lists from around the world, including lists such as OFAC, UK HMT, EU, OSFI, FATF and the Australian DFAT. Regulatory and enforcement lists are monitored as well as lists of debarred and banned parties. Specific areas of interest, such as terrorism, organised crime and the
Middle East The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabian Peninsula, Arabia (including the Arabian Peninsula and Bahrain), Anatolia, Asia Minor (Asian part of Turkey except Hatay Pro ...
, are covered by specialist teams.


History

World-Check was founded in 2000 by David Leppan and Laura Aboli and registered in
London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
, to address the risk mitigation requirements of the banking community. It provides information to help businesses comply with regulations and identify potential
financial crime Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property (belonging to one person) to one's own personal use and benefit. Financial crimes may involve fraud (cheque fraud, credit card fr ...
. World-Check serves the
know your customer Know Your Customer (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a ...
(KYC) and third-party screening needs of large firms, and helps businesses comply with anti-money laundering and countering
financing of terrorism Terrorism financing is the provision of funds or providing financial support to individual terrorists or non-state actors. Most countries have implemented measures to counter terrorism financing (CTF) often as part of their money laundering l ...
legislation. In 2008, World-Check launched Country-Check, an index which ranks over 240 countries and territories worldwide in terms of risk. A statistical algorithm is used to aggregate various information sources across political, financial and criminal factors which quantifies risk attached to customers and transactions according to their country of origin. Based on statistics, Country-Check provides intelligence for informed decision-making, useful for mergers and acquisitions, security of supply chain, cross border expansion and exploration, and production. In 2009, World-Check acquired IntegraScreen, a provider of enhanced
due diligence Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care. It can be a l ...
reporting services. IntegraScreen reports are used when a detailed
background check A background check is a process a person or company uses to verify that an individual is who they claim to be, and this provides an opportunity to check and confirm the validity of someone's criminal record, education, employment history, and oth ...
on any entity or individual is required, and research can be carried out no matter where the location. In 2011, World-Check received independent assurance under the International Standard on Assurance Engagements ISAE 3000. In 2011,
Thomson Reuters Thomson Reuters Corporation ( ) is a Canadian multinational media conglomerate. The company was founded in Toronto, Ontario, Canada, where it is headquartered at the Bay Adelaide Centre. Thomson Reuters was created by the Thomson Corpora ...
acquired World-Check as a key component of their governance, risk management and compliance unit. In October 2018, Thomson Reuters closed a deal with The
Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...
, and as a result of this merger World-Check is owned by the new company,
Refinitiv Refinitiv is an American-British global provider of financial market data and infrastructure. The company was founded in 2018. It is a subsidiary of London Stock Exchange Group after a US$27 billion sale from previous owners Blackstone Group LP ...
.


Partnerships

World-Check is used by several financial firms to meet
due diligence Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care. It can be a l ...
and Know-Your-Customer (KYC) compliance needs: *
Lloyd's of London Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gov ...
has used World-Check for its due diligence and KYC compliance needs since 2008. *Maecenas, a
blockchain A blockchain is a type of distributed ledger technology (DLT) that consists of growing lists of records, called ''blocks'', that are securely linked together using cryptography. Each block contains a cryptographic hash of the previous block, a ...
-based art marketplace, uses World-Check to mitigate the risk of financial crime and meet due diligence requirements. *
SAI Global SAI Global is a multinational business services company based in Chicago, Illinois, United States. It offers risk management services, quality assurance audit and certification, auditor training, standards information services, and property service ...
, a risk management, standards compliance and information business, uses World-Check as a third-party risk management partner. *Aravo Solutions, a third-party risk management services company, has collaborated on a joint offering with World-Check to retrieve company information directly. *The World-Check Customer Risk Screener is an application available on the
Salesforce Salesforce, Inc. is an American cloud-based software company headquartered in San Francisco, California. It provides customer relationship management (CRM) software and applications focused on sales, customer service, marketing automation, a ...
AppExchange, which allows Salesforce users to access World-Check's risk intelligence database to reveal risks associated with customers, leads or accounts.


Controversies


Leak of Database and Security Compromises

In a Reddit post, a user declared that he had acquired a copy of the World-Check database with information up to 2014. This leak was possible due to an incomplete assessment of the security, and was downloaded through the website Shodan, a search engine that lets users find specific types of computers connected to the internet using a variety of filters.


False claims

In 2017, World-Check admitted that the
Palestine Solidarity Campaign The Palestine Solidarity Campaign (PSC) is an activist organisation in England and Wales. It was incorporated in the UK in 2004 as Palestine Solidarity Campaign Ltd. They officially support the Boycott, Divestment and Sanctions (BDS) movement ...
(PSC) should never have been placed on their database at all, and specifically, should not have been associated with
terrorism Terrorism, in its broadest sense, is the use of criminal violence to provoke a state of terror or fear, mostly with the intention to achieve political or religious aims. The term is used in this regard primarily to refer to intentional violen ...
, stressing that there were no grounds to suggest that PSC were either associated with terrorism related activity, or that the organisation presented any kind of financial risk. The PSC and World-Check have reached an agreement to address the harm done to the reputation of the PSC and its chair, Mr. Hugh Lanning, and to resolve the matters between them arising from that profile. In 2017, World-Check agreed to pay compensation and apologize to
Finsbury Park Mosque The Finsbury Park Mosque, also known as the North London Central Mosque, is a five-storey mosque located next to Finsbury Park station close to Arsenal Football Club's Emirates Stadium, in the London Borough of Islington. Finsbury Park Mosqu ...
after a false claim that it had a current association with terrorism. In 2017, Quilliam founder
Maajid Nawaz Maajid Usman Nawaz (; born 2 November 1977) is a British activist and former radio presenter. He was the founding chairman of Quilliam. Until January 2022, he was the host of an LBC radio show on Saturdays and Sundays. Born in Southend-on-Sea ...
was found to have been listed as a terrorist in World-Check following an investigation by
Vice A vice is a practice, behaviour, or habit generally considered immoral, sinful, criminal, rude, taboo, depraved, degrading, deviant or perverted in the associated society. In more minor usage, vice can refer to a fault, a negative character tra ...
. Thomson Reuters subsequently removed his name from the list, apologized and paid an undisclosed amount in damages as part of the settlement following the threat of a lawsuit by Nawaz.


See also

*
Suisse secrets Suisse secrets was a February 2022 leak of details of more than CHF 100 billion (roughly US$108.5bn, €95.5bn or £80bn) held in nominee accounts linked to over 30,000 clients of Credit Suisse, the largest ever leak from a major Swiss bank. ...
*
World Leaders ''World Leaders'', also known as ''Chiefs of State and Cabinet Members of Foreign Governments'', is a public domain directory published weekly by the United States Central Intelligence Agency. It lists different state officials for each country ...


References

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External links


World-Check
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Refinitiv Refinitiv is an American-British global provider of financial market data and infrastructure. The company was founded in 2018. It is a subsidiary of London Stock Exchange Group after a US$27 billion sale from previous owners Blackstone Group LP ...
Financial services companies established in 2000 Open-source intelligence British companies established in 2000 Political databases Companies based in London