What is World Check

World Check is a database that is used by banks and other financial institutions in order to ensure that customers who wish to open an account with your bank have never been politically exposed.  World Check is a necessary system for banks that who need to carry out checks on new clients to ensure that they have not been involved in any illegal activity.

World Check explained

World Check is a tool that is used by banks and other institutions that take on clients from all over the world. The purpose of World Check is to efficiently screen customers, associates, transactions and employees for potential risk.  World Check covers politically exposed individuals, their family members and potentially high-risk individuals worldwide.

The purpose of World Check is to ensure that customers or other members associated with the bank have never been involved in any form of money laundering, political exposure or other illicit activity that will prohibit them from becoming a member of the bank. If a customer is flagged as suspicious by World Check, further background checks will be carried out and their application may be rejected.

Once the customer has been screened by World Check and their information has been verified, they will be approved as a customer of the bank and be able to carry out financial transactions. World Check works by imputing the customers’ personal information, such as their full name and date of birth, into its database. Many industries make use of World Check to conduct background checks on their clients.

Individuals and companies that wish to establish an offshore bank are advised to seek the assistance of a professional consultancy firm to ensure that the process is completed in a professional and timely manner.