World-check Launches Best Practice Iran Sanctions Solution - Two New Products To Help Clients Identi

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6th October 2010, 04:02am - Views: 853






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MEDIA RELEASE PR41613


World-Check Launches Best Practice Iran Sanctions Solution - Two New Products to Help Clients Identify

Iran Regulatory and Reputational Risk


LONDON, October 6 /PRNewswire-AsiaNet/ --


    

    - Market Leader Dedicates its Unparalleled Resources to Help its 4,500+

Clients Meet Their New Requirements


    World-Check today announced the launch of its Iran Economic Interest

(IEI) solution following a raft of new international legislation including

the U.S. Government's Comprehensive Iran Sanctions, Accountability and

Divestment Act (CISADA) of July 2010, U.N. Security Council Resolution 1929

(UNSCR 1929), and new Iran sanctions laws passed by the European Union (EU),

Canada, Australia, Japan and many more.


    The first new product, World-Check's IEI Database, empowers businesses to

automatically screen every client, relationship and transaction for

individuals and entities believed to have a relationship with Iran.

World-Check's second product, the IEI IntegraScreen Report, empowers

businesses to quickly and cost-effectively commission a bespoke enhanced due

diligence report on any entity or relationship with heightened Iran-related

exposure.


    The international sanctions expand the scope of earlier sanctions to

include not only the Islamic Revolutionary Guard Corps, which World-Check has

monitored for a decade, but also considerable new restrictions on Iran's

energy, financial, insurance, trade and transportation sectors, which

World-Check's IEI solution now covers comprehensively. Furthermore, the

extra-territorial reach of CISADA and other sanctions means that

organisations that continue to engage in prohibited Iran-related activity may

be subject to civil and financial penalties, even if they have no local

presence.


    Under Secretary of Terrorism and Financial Intelligence, Stuart Levey,

has said, "Treasury will continue to target any bank, wherever located, that

supports Iran's nuclear or missile programs." The U.S. Treasury Department

has specifically stated: "CISADA forces a stark choice: if you conduct

certain business with Iran, you can't do business with the United States."

CISADA also requires Treasury to prohibit or impose strict conditions on

access to the U.S. financial system by any foreign financial institution that

facilitates a significant transaction or provides significant financial

services for blacklisted banks.


    The global Iran sanctions regimes mandate businesses to institute robust

and wide ranging 'Know Your Customer' processes so that they can understand

their Iran-related exposure and manage them accordingly. The 'knowingly'

definition specifically introduced in CISADA raises the risk for potential

criminal and civil liability by expanding the definition from "actual

knowledge" to include what "should have been known." Once significant and/or

relevant information is freely available in the public domain, there is an

expectation that such information is knowable.


    To help clients meet the knowingly test, World-Check collects and

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analyses public domain information in more than 62 languages, including

Farsi, across 5 continents with over 450 researchers, to identify tens of

thousands of organisations believed to have business interests with Iran.

Existing World-Check customers can have the new IEI dataset added to their

current download so that they can immediately begin screening new and

existing relationships and transactions against this updated-daily list.

Similarly, World-Check's unrivalled research operation can turn around a

custom due diligence report targeting Iran exposure on any entity at a set

price in just a few days.


    Dan Peak, CEO of World-Check added, "This legislation has teeth and it

will have a serious bite. The expanded scope of the new international

legislation means that checking dusty, old sanction lists or doing Internet

searches for anything mentioning Iran is not going to cut it. Businesses need

real intelligence. They need solutions that are manageable, cost-effective

and, more importantly, solutions that actually work. Based on client trials,

World-Check is very confident that it will help clients find hidden Iran

risk. We have a ten year track record of building intelligence databases and

helping clients unearth real risk hiding within their organisations."


    Continuing he said, "While many companies in Europe and Asia have already

imposed a complete ban on business with Iran, honouring these sanctions will

not be simple. Businesses could be unwittingly engaging in transactions which

expose them indirectly to sanctioned entities, agents, or prohibited business

activities. The Iran sanctions are a timely reminder for companies across all

sectors that 'knowing your customer' mitigates regulatory, legal and

reputational risk."


    For more information, please visit



    About World-Check


    Trusted by more than 4,500 institutions in over 160 countries, including

49 of the world's top 50 banks, World-Check offers an end-to-end solution for

assessing, managing and remediating financial, regulatory and reputational

risks. World-Check's global database of Politically Exposed Persons (PEPs)

and heightened risk individuals and entities, due diligence reports, passport

verification and country risk assessment tools provide the means to address

the full spectrum of risk across all markets and industries. Represented

across five continents, World-Check's international research team monitors

emerging risks in more than 60 languages, covering over 240 countries and

territories worldwide.


    http://www.world-check.com


    Source: World-Check


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