New draconian sanctions from America, regime change in Iran, restriction or even exclusion of partnerships with Politically Exposed Persons, and the list of cooperation restrictions is getting longer. Ultimately how is cooperation defined as safe or harmless? Are there people who are considered as ” blacklisted ” with whom any provision or receipt of services and/or goods is prohibitive? More importantly, is there a system or tool available with all this information to make it easier for a person or a company to make decisions before any cooperation is concluded?
These are some of the most unanswered questions that are of utmost importance in the protection and sustainability of an organization.
It is a fact that sanctions are increasingly increasing by banning co-operation with some states that are now considered to be at high risk. Of course, except for states, the list of sanctions does not cease, of course, but also of legal persons for various reasons.
The use of digital technology has greatly improved the research process of getting information about all the above, by using real-time global news pages as well as constantly updating the announcements, fines, remarks, and so on. K. regulators, ministerial offices, central banks, and so on.
However, the right to freedom of opinion allows everyone to express their own views, thus transforming the global network into a forum of public debate and multiple opinions. Therefore, search engines make the research process easier, but are all these opinions/articles/ announcements reliable?
With the ever-increasing regulatory requirements of the compliance and monitoring process, either the current customer base and prospective clients, virtually all legal entities are legally required to control their clientele in order to combat money laundering activities [see relevant European Directives and International Standards ].
This is also the point where access to systems that would only monitor reliable information is deemed necessary. Is there an existing system that allows access to information material that concerns only high-risk entities? The answer is of course (and fortunately) positive!
Surely the creation and constant updating of such a system is not an easy matter since the sources and other objects to be monitored are myriad. That’s why the availability on the market is extremely limited.
One such tool is the WorldCompliance of LexisNexis ® Risk Solutions – a member of RELX Group and a leader in risk management and data analysis.
The WorldCompliance tool is one of the world’s most comprehensive databases on information for individuals, companies and ships likely to be involved in Money Laundering, Terrorist Financing, and other related offences.
Through the World Compliance system, it is possible to search and control global databases concerning:
- Global Lists Sanctions (Sanction lists – as EU Terrorism List, FBI Top Ten Most Wanted, SDN & Blocked Entities, World Bank Debarred Parties Listn . A )
- Global Lists enforcement (Enforcement lists – Securities and Exchange Commission (SEC), United States, Bundesaufsichtsamt fuer das Finanzwesen (BaFin) n . A .)
- Worldwide Lists of Politically Exposed Persons (PEPs)
- Poor publications in the global press (Adverse Media – more than 35,000 global media)
For the purposes of controlling any natural and/or legal persons and/or ships, it would be necessary to investigate the above for all of the above categories.
With the use of such a system, the search process becomes much quicker and more efficient, since it checks daily over 1,600 global lists and over 35,000 unfavourable publications, thus greatly facilitating the investigation process and the responsibility of all officers compliance with their obligation to continuously monitor the clientele.
Contributing Advisors
