June 2, 2014

Thomson Reuters Launches Accelus World-Check One to Simplify and Accelerate the Customer Due Diligence process

  • Simplifies screening for money laundering, sanctions and threat finance
  • Customizable to identify a variety of specific third party risks

NEW YORK - Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced the launch of Accelus World-Check One, a scalable solution designed to simplify and accelerate the customer on-boarding and due diligence process. Accelus World-Check One combines World-Check risk intelligence with next generation automated screening software, helping organizations more efficiently screen during Know Your Customer (KYC) on-boarding, ongoing monitoring, and rescreening cycles. World-Check One is part of Thomson Reuters Accelus, the unified platform built to meet the needs of the governance, risk and compliance community.

Accleus World-Check One is designed to help organizations balance changing regulatory requirements and increased operational burden through a more targeted approach. The solution simplifies screening for money laundering, sanctions and threat finance as well as detailed monitoring of Politically Exposed Person (PEP) relationships via its customizable framework enabling organizations to screen for a variety of compliance obligations. The system provides managers with detailed control to maximize the use of technology, enable smarter workflow and reduce remediation costs. Furthermore, Accelus World-Check One is built to maximize World-Check Risk Intelligence data, using advanced search algorithms, secondary matching, customizable workflow and ongoing monitoring of risks.

"As regulatory demands continue to weigh on financial institutions, organizations now more than ever need the tools, technology and operations that support customer due diligence," says Chris Perry, managing director, Risk, Thomson Reuters. "Accelus World-Check One provides our clients with a complete view of relationship risk on one single platform making the process simpler, faster and more efficient. The solution’s groundbreaking screening software combined with our World-Check risk intelligence data enables clients to identify financial crime & reputational risk more quickly and efficiently than ever before."

The launch of Accelus World-Check One is another step forward in helping clients more easily address KYC due diligence requirements. Earlier this year, Thomson Reuters announced the launch of Accelus Org ID which provides a complete managed service covering the on-boarding of clients, risk categorization and risk screening. The solution was developed in partnership with leading financial institutions, corporations, asset managers and hedge funds and following discussions with nine regulators from key financial markets around the world.

KYC risk intelligence market was pioneered by World-Check in 2000 (acquired by Thomson Reuters in May 2011) and today is a global database of PEPs and heightened risk individuals and entities. It is used in risk-based customer due diligence programs to aid compliance with KYC legislation relating to anti-money laundering, threat financing, anti-corruption, organized crime, third party risk and other financial crimes control. A trusted authority for uncovering hidden risk, World-Check data is structured into individual profiles, linked where associations or networks exist, and contain multiple secondary identifiers that dramatically improve name matching accuracy during screening. The World-Check research infrastructure spans the globe covering over 240 countries and territories around the clock. As well as supporting the regulatory need to identify PEPs, over 200 research analysts also target specific risks such as terrorism, organized crime, sanctions and the Middle East, covering all known sanctions and regulatory lists and exceeding sanction list terrorism coverage by tens of thousands of profiles. Analysts conduct local language research in more than 60 languages and information is collated from hundreds of thousands of authoritative public domain sources, de-duplicated and quality controlled. World-Check operates strict research inclusion guidelines to maintain data quality and integrity and has received independent assurance from the International Standard on Assurance Engagements (ISAE) 3000 for internal processes and controls.

Thomson Reuters

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