Cristian Nardi is one of the foremost experts in removing one’s name from World-Check. This is one of the reasons why it is so difficult for Russians to satisfy foreign bankers, money managers, and even regulators. We want to conduct an educational program to explain what kind of database World-Check is, how it is organized, and what to do if you are included in the database.
Cristian Nardi is in contact with us, and we legally remove information from the internet without consequences for people’s business. From experience, we know how many questions arise when someone is first included in the World-Check database.
The authors of the World-Check database gather information on political figures, public figures, and entrepreneurs. When entering the European or American market, it is important to be aware of the scrutiny one will face.
Unfortunately, World-Check algorithms consider Russians as high-risk customers based on their country of origin. The presence of negative publications can lead to unnecessary inquiries from inspectors.
Today, we want to take a close look at World-Check: why bankers trust it and whether it can be influenced. We also want to debunk some established myths.
World-Check is not like a blacklist, as one might think. Its reputation came with the Magnitsky case in Russia when Russian media reported that individuals involved in the lawyer’s death were on the “bank blacklist,” which is World-Check. Initially, World-Check was positioned as a database of politically exposed individuals and potential corrupt officials. However, today the database has a much broader scope.
World-Check collects data on state organizations, state-affiliated enterprises, international sanctions lists, individuals and companies associated with sanctioned individuals, law enforcement databases, and ship information. However, it is believed that the list of interests is much broader than officially declared.
The main advantage of World-Check for compliance officers is the ease of searching for customer information. However, decisions based on World-Check are not definitive. Risk assessments can vary and depend on the interpretation of inspectors. Compliance practices are required for many international transactions, such as real estate purchases, opening bank accounts, or applying for residence permits.
Being law-abiding is not enough to avoid being included in the database. Compliance officers often do not understand the peculiarities of Russian legislation and may ask questions based on dubious information found on World-Check. There may be situations where individuals are rejected due to publications or scandalous cases, even if they are not guilty.