Company Law or Insolvency
What is World Check?
In this response Sterling’s criminal litigation, investigations and regulatory team explore what is World Check and how the information that World Check (and its competitors) holds and provides about you can have a profound (and potentially unknown) effect on both your reputation and your ability to conduct business with and through numerous key institutions in a globalised world.
The document explains how it is therefore of vital importance to ensure that any information that these databases hold about you is correct and accurate; and details how you can find out whether this is the case, and if not, the steps you can take to rectify the situation.
What is World Check?
World Check or, to give the organisation its full name – Refinitiv World Check – is a database often utilised by those who conduct due diligence, third-party screenings or Know Your Client (“KYC”) checks. Eliminating the technical jargon, the World Check database, and the databases of their competitors, are used by banks, law firms, insurance companies and a host of other businesses who are obliged to conduct checks on their clients. This necessitates collecting and regularly updating client personal information.
These databases are compiled from third-party sources of information and are comprised of individuals including those who are deemed to be high-risk from an anti-money laundering perspective, are classed as Politically Exposed Persons (“PEPs”), are designated on sanctions lists; or have encountered legal, regulatory or criminal difficulties in the past, and are thus exposed to enhanced due diligence and/or financial screening checks.
How do these databases affect the client?
The companies maintaining these databases may seem like an obscure organisations, though the impact they can have on the ability of an individual to operate freely and conduct business in a global world is profound. Seemingly trivial activities like opening a bank account, renting a flat, taking out a loan, engaging a lawyer or starting a business relationship expose individuals to a plethora of regulatory checks.
At this point, these databases become an invaluable collation of information that entities will rely upon to determine whether or not to do business with you. There are understandably therefore potentially huge negative implications for prospective clients if incorrect or inaccurate information is provided by these databases.
How do I know if I am on these databases?
In compliance with the Data Protection Act 2018 and other legal frameworks, World Check, for example, are obliged to inform individuals if they are listed on their database. However, this is not an automatic obligation – said individual must request this information, at which point World Check will comply. Access to your full World Check report, however, is not guaranteed.
How do I correct information about me on these databases?
These databases provide internal mechanisms for the rectification, amending or removal of information about you as the data subject. These processes are complex and require an understanding of the underpinning legal frameworks, as well as the extent to which these organisations can be compelled to correct their report.
How can Sterling help?
Charting a course through the legal and regulatory landscape that World Check and their competitors inhabit to ensure that your personal and professional interests are not prejudiced by the promulgation of inaccurate information is complex.
Sterling has an understanding of the impact that the processing of this kind of personal data, whether “kompromat”, “fake news” or simply outdated information, can have on an individuals’ reputation and business interests.
In the United Kingdom, the Credit Reference Agencies are Experian, Equifax and TransUnion. Each country has its own agencies , hence why understand the location of client and it’s business is essential .
Alternatives to Refinitiv World-Check Risk Intelligence
Sanction Scanner/ Dow Jones Risk & Compliance/ Encompass / Trulioo/ Oracle Financial Crime and Compliance Management/ PassFort Lifecycle/ Workfusion Intelligent Automation / CloudComplyAdvantage AML
The solution is not straightforward , it’s time consuming however the outcome in many cases poses a huge advantage for the client.
These reports play a critical role in safeguarding your interests and reputation. To facilitate the process, we have outlined the steps required to update your information effectively:
1. Review Existing Information:
- Start by carefully reviewing the current AML and World-Check reports and the information that they have on file for you. These reports encompass a wide range of personal and business details. Submit SAR
2. Identify Inaccuracies:
- Pay close attention to any inaccuracies, discrepancies, or outdated information within the reports. It is essential that these reports accurately reflect your current status.
3. Identify Inaccuracies:
- Pay close attention to any inaccuracies, discrepancies, or outdated information within the reports. It is essential that these reports accurately reflect your current status.
4. Identify Inaccuracies:
- Pay close attention to any inaccuracies, discrepancies, or outdated information within the reports. It is essential that these reports accurately reflect your current status.
5. Gather Updated Information:
- Collect all necessary and up-to-date information that should be included in your reports. This could encompass personal data, such as your address, contact numbers, and identification documents, as well as any pertinent business information.
6. Contact Our Team:
- Reach out to our dedicated compliance team or your designated point of contact within our firm. We are here to assist you with this process and ensure that your updates are handled efficiently.
7. Submit Supporting Documentation:
- In some cases, especially for significant changes related to your business affairs, we may require supporting documentation. This could include updated business licenses, articles of incorporation, or any other legally mandated documents.
8. Confirm Updates:
- After submitting your updated information, we will work diligently to ensure that the necessary changes are accurately reflected in your AML and World-Check reports. We understand the importance of maintaining compliance, and your cooperation in this regard is greatly appreciated.
9. Regular Updates:
- To maintain the highest level of compliance and transparency, we recommend reviewing and updating your information at least annually or whenever there are substantial changes in your personal or business circumstances.
