Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced that the Guernsey Financial Services Commission (GFSC), the regulatory body for the financial sector in the Bailiwick of Guernsey, has adopted the Accelus World-Check risk intelligence solution across its business to help the organization enforce Know Your Customer (KYC) regulatory requirements.
Accelus World-Check has been adopted in order to provide the GFSC with an ongoing monitoring tool with respect to those individuals and entities required to comply with the Commission's minimum licensing criteria and in particular, the 'fit and proper' requirements of that criteria. World-Check intelligence has been deployed in the GFSC on a purpose built software application, enabling staff to manually screen individuals and entities of concern against the World-Check data. The application also offers functionality for large volume/batch screening and automatic ongoing monitoring, to simplify the vetting process and manage larger volumes. This is complimented by an adverse media tool powered by Reuters with Newsroom.
Accelus World-Check is a global database of intelligence on politically exposed persons (PEPs) and heightened risk individuals and entities. It is used in risk-based customer due diligence programs to screen for risk and enable compliance with KYC legislation relating to anti-money laundering (AML), counterterrorism financing (CTF), anti-bribery & corruption (ABC), organized crime, 3rd party risk and other financial crimes control. It is used by more than 6,000 organizations including 49 of the world's top 50 banks, 60 of the Fortune Global 100 and more than 300 government and intelligence agencies.
Accelus World-Check helps professionals to:
• Identify individuals or entities appearing on sanctions or enforcement lists
• Disclose and monitor PEPs and their relationships
• Screen for hidden risk in business relationships with customers, partners, supply chains, vendors etc.
• Avoid reputation damage from unwitting association with illicit entities, their associates and family members
• Uncover risk associated with terrorism, trafficking, fraud, bribery, organized crime and human networks
• Enable a risk based approach
"Organizations like the Guernsey Financial Services Commission are facing increasing compliance monitoring and oversight demands," said Phil Cotter, managing director, head of Risk, Thomson Reuters. "We are pleased to be working closely with the GFSC to provide a solution that helps in their oversight, investigation and enforcement of KYC regulatory requirements, ensuring that their financial services industry meets growing global regulatory standards."