Getting decline by EMI in the WorldCheck for having a Money laundering offence in the past

[uplana]

I wasn't aware of it, since it is very popular in the financial world.

I believe we are talking about the same

World-Check KYC Screening & Due Diligence | Refinitiv

solutions.refinitiv.com

 

[JohnnyDoe]

I wasn't aware of it, since it is very popular in the financial world.

I believe we are talking about the same

World-Check KYC Screening & Due Diligence | Refinitiv

solutions.refinitiv.com

Yes it’s this one. They have a ton of ongoing legal cases. They are the perfect match for the fraudulent banking industry.

Obviously, if you use darks (of a non existing person) with a bank, nobody will ever find any information on you, and nobody can verify if that person really exists. So, once again, the entire system proves to be fraudulent and incapable of detecting crime (the real crime, that is).

 

[rowena]

Yes, World check is a problem because it relies on assumptions instead of facts.

My full name combination is very common and my full name matches a world check record and he is someone else accused of drug dealing. World check automatically created this record from online local newspapers! The problem is Worldcheck doesn't have the date of birth information of the drug dealer and that's why my information partially matches but still makes a problem.

I tried to open classic(premium/priority segmentation) overseas accounts 4 years ago, but they declined without any explanation and I thought it was because of my nationality or residence. I tried to open private bank accounts 2 years ago and all of them succeeded but they informed me that my name in the Worldcheck database. I provided them a clear criminal record certificate and they opened my accounts.

To sum up, Worldcheck is not a stable system but almost all financial/goverment institutions rely on it. It makes things very hard for average Joe.

 

[uplana]

Yes it’s this one. They have a ton of ongoing legal cases. They are the perfect match for the fraudulent banking industry.

Obviously, if you use darks (of a non existing person) with a bank, nobody will ever find any information on you, and nobody can verify if that person really exists. So, once again, the entire system proves to be fraudulent and incapable of detecting crime (the real crime, that is).

if that is true they have a serious problem

 

[Simon4466]

if that is true they have a serious problem

I mean, all Worldcheck is for is to check enforcements/sanctions/criminal records from a plethora of sources, it is not made to detect whether or not someone is actually a "real" person (as there won't be any sanctions against someone who does not exist for obvious reasons). For this they will ask things such as your passport copy / a liveliness check / source of funds, etc.
Worldcheck solves the problem of financial institutions needing to go through dozens of several sanctions databases, and continuously updating these (incl. the adverse media results as discuss above). The system is far from perfect, but it more or less does what it is supposed to do. Only that the people who retrieve the data take it as 100% facts and will often not do any additional due diligence.