WorldCompliance PEP Database Surpasses 1,000,000 EntriesBy Worldcompliance, PRNE
Tuesday, June 7, 2011
MIAMI, June 8, 2011 -
Miami headquartered WorldCompliance reaches milestone in the fight
against corruption, by announcing that its PEP database today surpassed
1,000,000 detailed profiles of Politically Exposed Persons, their family
members and close associates.
In the wake of the Arab Spring, financial institutions around the globe
found themselves at the frontline of determining who is a Politically Exposed
Person ("PEP"), and what transactions may involve risk.
The U.S. froze over $30 Billion dollars in Libyan assets. Switzerland,
within minutes of announcing his resignation, froze assets of former Egyptian
president, Hosni Mubarak; a testimony of the beginning of a new era, in which
illicit enrichment has no role and kleptocracy, come to an end.
The proceeds of corruption in developing countries alone ranges from 20
billion to 40 billion U.S. dollars per year - roughly equivalent to the
annual GDP of the world's 12 poorest countries, which is where more than 240
million people live. In total, the World Bank estimates that 1 trillion
dollars of the global economy are squandered on bribes to government
In 2009 and 2010, Financial Institutions in the United States alone filed
1,294 Suspicious Activity Reports ("SARs"), involving Politically Exposed
Persons, in many cases prompted through the use of commercial PEP databases
such as those offered by WorldCompliance. The subjects of these SARs lived in
125 countries, including the United States, where 294 suspects reportedly
live, primarily in New York and Florida.
"The passion that our analysts are putting into building detailed
profiles of PEPs has led to the capture of criminals and ultimately aids in
the fight against corruption and bribery," said Dirk Mohrmann, Chief
Executive Officer of WorldCompliance. "We are proud of being able to protect
our clients with the world's most comprehensive PEP database."
Since 2001, WorldCompliance has been harvesting information from tens of
millions of articles and government sources to create an easily accessible
database of persons and companies tied to governments around the world. This
proprietary database allows instant exposure of subjects soliciting bribes
and of the funds obtained from corruption by accessing critical details on
foreign officials beyond just a name, including dates of birth, photographs,
national ID numbers, relationships, and shell companies.
"By enabling our clients to see PEPS, their family members and close
associates, we are providing companies the ability to protect their
reputation and stay in compliance with PEP requirements around the globe,"
said Mr. Mohrmann. "We bring transparency to the market. The days when a
foreign official could abscond with monies gathered through corruption are
WorldCompliance is one of the leading Open Source Intelligence providers
in the world, offering a wide array of solutions to clients, looking to
protect their reputation by identifying high-risk individuals and
organizations amongst suppliers, vendors and clients. The company offers the
world's most comprehensive PEP database, which is used by clients in over 100
countries worldwide. As one of the pioneers of risk based client screening,
WorldCompliance provides the tools necessary to comply with a multitude of
worldwide legislations, ranging from The U.S. Patriot Act to The Third EU
Money Laundering Directive, to the Foreign Corrupt Practices Act (FCPA) and
the UK Bribery Act.
Lee Moran, +1-305-579-2298, Global Marketing Executive, leem at worldcompliance.com
Tags: florida, June 8, Miami, Worldcompliance