WorldCompliance
WorldCompliance is a private intelligence agency. Its headquarters is in Miami, Florida, home to the largest concentration of international banks in the United States.
It describes itself as an open-source intelligence company that "provides detailed profiles of politically exposed persons (PEP), terrorists, money launderers, fraudsters, and other high-risk individuals and organizations worldwide." 1 The company offers compliance with over 100 local anti-[...] and money laundering laws, including Financial Action Task Force on Money Laundering directives 2, the Directive 2005/60/EC (Third EU Directive) 3 and the USA PATRIOT Act.4
Its clients include brokerage, finance, gaming, government, insurance, manufacturing and real estate businesses worldwide. Compliance products are used to identify individuals and companies linked to over twenty risk categories. The Primary use is in anti-money laundering compliance, know your customer regulation, PEP screening, enhanced due diligence, fraud prevention, government intelligence, background screening and risk prevention measures.
The company has a team of analysts that perform investigations, analyze events, research public domain to help companies mitigate risk. They monitor enforcement listsand analyze newspapers and magazines globally to aggregate information. Court filings with information on cross border investigations in organized crime and arms dealings complement the information.
According to third party reports, the company was among the first to integrate features like primary names, passport photos, MicroCategorization, RiskScoring, archived hyperlinks, interactive graphical displays, translation tools, and multilingual search capabilities and interfaces to their database functionality.
De-conflicting of false positives is the main concern for compliance executives. Based on this, the company focuses on the reduction of false positives to help institutions lower their match rates. The company offers a PEP list that can be tailored to the risk based approach of a particular organization, resulting in the reduction of false positives. This allows the organization the option of allocating their manual resources on those matches that actually pose a risk and limit the waste of resources on false positives.