WorldCompliance is a private intelligence agency. Its headquarters

Headquarters

Headquarters denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the top of a corporation taking full responsibility managing all business activities...

 is in Miami, Florida

Miami, Florida

Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...

, home to the largest concentration of international bank

Bank

A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

s in the United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

.

It describes itself as an open-source intelligence company that "provides detailed profiles of politically exposed person

Politically exposed person

PEP is an abbreviation for Politically Exposed Person, a term that describes a person who has been entrusted with a prominent public function, or an individual who is closely related to such a person. The terms PEP, Politically Exposed Person and Senior Foreign Political Figure are often used...

s (PEP), terrorists

Terrorism

Terrorism is the systematic use of terror, especially as a means of coercion. In the international community, however, terrorism has no universally agreed, legally binding, criminal law definition...

, money launderer

Money laundering

Money laundering is the process of disguising illegal sources of money so that it looks like it came from legal sources. The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote estimates each year for the amount...

s, fraud

Fraud

In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...

sters, and other high-risk

Risk

Risk is the potential that a chosen action or activity will lead to a loss . The notion implies that a choice having an influence on the outcome exists . Potential losses themselves may also be called "risks"...

 individuals and organizations worldwide." The company offers compliance with over 100 local anti-terrorism and money laundering laws, including Financial Action Task Force on Money Laundering

Financial Action Task Force on Money Laundering

The Financial Action Task Force , also known by its French name, Groupe d'action financière , is an intergovernmental organization founded in 1989 on the initiative of the G7. The purpose of the FATF is to develop policies to combat money laundering and terrorist financing...

 directives, the Directive 2005/60/EC (Third EU Directive) and the USA PATRIOT Act

USA PATRIOT Act

The USA PATRIOT Act is an Act of the U.S. Congress that was signed into law by President George W. Bush on October 26, 2001...

.

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

Know your customer

Know Your Customer refers to both:* The activities of customer due diligence that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them* And the bank regulation which governs...

 regulation, PEP screening, enhanced due diligence

Due diligence

"Due diligence" is a term used for a number of concepts involving either an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations...

, 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 global enforcement lists and 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.{cn}}

External links

• worldcompliance.com, official website
• websitegear.com
• http://findarticles.com/p/articles/mi_m0EIN/is_/ai_n15762499
• http://www.siassb.eu/Engine/RAServePG.php/P/301510010600/L/1/M/251910010606
• http://www.die-bank.de/ebif/2008/index.html