Terrorism and the Patriot Act got you down? Compliance people driving you nuts about those nasty foreigners? Do you know who N. Scott Grant is, or Monzer al-Kassar, or Marc Harris? If you are involved in banking, insurance, or securities, or just don’t want to get stung by known fraud feasors, you really need to check out worldcompliance.com. World Compliance, Inc. has a massive database of due diligence data, known as FraudCheck, which members can search from a secure encrypted website.
This database, which alerts financial institutions to potential money laundering and fraud problems, has claimed its latest success. World Compliance Inc. issued warnings about the Imperial Consolidated Group months before it failed in June 2002, with debts of $335 million. Police are now investigating the group’s worldwide affairs, including its relationship with Monzer al-Kassar, a Syrian-born arms dealer and convicted drug smuggler who was put on trial for allegedly masterminding the hijacking of the Achille Lauro cruise ship in 1985. Wanna be this guy’s broker?
World Compliance’s Know Your Customer data was so effective in causing certain banks to close down accounts that Imperial’s founder launched a blistering attack on its CEO following his group’s failure.
“There is barely a single problem that Imperial Consolidated has encountered that you have not had a personal hand in creating or worsening, much to the financial benefit of you and your clients,” Lincoln Fraser, a former bankrupt, wrote to World Compliance CEO David Marchant on 25 June 2002.
World Compliance’s FraudCheck is a mixture of proprietary investigative research, such as that which caused Mr. Fraser’s hostility, and publicly available warnings, advisories, sanctions, and lawsuits, both civil and criminal, issued around the world. Details of Politically Exposed Persons (known as PEPs) are also included.
The database currently contains data from 118 different information sources in 39 countries, including those in North America, Europe, Latin America, Asia, Africa, and Australia.
The names of more than 350,000 individuals and businesses that have been implicated in terrorism, fraud, corruption, or other wrongdoing can be searched within seconds from just one search box. This helps financial institutions in the screening of new and existing customers and the identification of potential problems.
The data has been compiled by one of the world’s leading financial investigative journalists, World Compliance CEO David Marchant, whose exposés were referenced multiple times in a report titled Correspondent Banking: A Gateway to Money Laundering that was released in February 2001 by the US Senate.
This database is perfect for all those compliance people who stay up late at night wondering if their company should be doing business with someone. No single database is ever a green light to work with someone, but it can certainly exclude someone, or at least allow you to know what type of dog you maybe working with. Marchant’s reputation for dogged pursuit of his stories and fraud feasors has earned him several libel suits, all of which he won hands down. We have no doubt of his ability to establish and maintain a great product.
For more information contact information: Dirk Mohrmann [email protected]