World-Check is a global database containing information on individuals and entities that are potentially involved in financial crime or have a history of suspicious activities. It is used by financial institutions, law enforcement agencies, and other organizations to conduct due diligence and identify potential risks.
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World-Check is owned and operated by Refinitiv, a financial data and analytics company. The database contains over 5 million profiles, including individuals, companies, and organizations, and covers over 240 countries and territories.
The information in World-Check is collected from a variety of sources, including news articles, government databases, and public records. It is then curated and verified by a team of experts to ensure its accuracy and relevance.
Financial institutions use World-Check to screen their customers and identify any potential risks associated with them. This includes screening for politically exposed persons (PEPs), individuals and entities on sanctions lists, and those with a history of financial crime or terrorism financing.
Law enforcement agencies also use World-Check as a tool to investigate financial crime and identify potential suspects. The database can help authorities trace the source of illicit funds and identify any individuals or entities involved in money laundering or other financial crimes.
While World-Check has been a valuable tool in the fight against financial crime, it has also been subject to controversy. Critics have raised concerns about the potential for errors or false positives in the database, which could result in innocent individuals or entities being wrongly flagged as potential risks.
In addition, some have raised concerns about the lack of transparency surrounding the information in World-Check. The database is not accessible to the general public, and there is limited information available on how the information is collected, curated, and verified.
Despite these concerns, World-Check remains a valuable tool for financial institutions, law enforcement agencies, and other organizations in the fight against financial crime. As the threat of financial crime continues to evolve, the use of tools like World-Check will likely continue to play an important role in identifying and mitigating risks.
