Jul.03, 2010

Transparency International’s 2009 Corruption Perception Index report ranked Russia 146 out of 180, making it one of the more corrupt countries in the world.

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally-planned economy to more of a free-market and globally-integrated power-player. The most recent review of its financial system by the Financial Action Task Force commends the country for its support in the Eurasian group and for taking a leadership role in the region when it comes to Anti-Money-Laundering matters. Its FIU is considered to be in full compliance with FATF standards.

To demonstrate WorldCompliance’s commitment to support Russia in its effort to fight money laundering and corruption, the leader in open source intelligence now offers a Russian version of its Online License, the tool that allows manual analysis of corrupt networks.

This addition brings the total number of languages available to thirteen and demonstrates the commitment that WorldCompliance makes to supporting the Russian financial industry in fighting corruption. “We have seen a drastic increase in interest for quality client screening solutions. This is clear evidence of the local business sector’s desire to protect both their assets and reputation” declared Dirk Mohrmann, CEO of WorldCompliance.

WorldCompliance conducts numerous user sessions worldwide to drive product enhancements. “The ability to work in their own language is always an important consideration with our customers. Our Russian customers now can research names using Cyrillic characters and display the results in their native language, this is unmatched in the industry” added Mr. Mohrmann.

The introduction of Russian comes at an opportune time for the country, as it helps financial institutions to address FATF’s requirements concerning Politically Exposed Persons (PEPs). With the industry’s largest PEP database, WorldCompliance allows customer screening against PEPs at the international, national, state or local level. For the first time, Russia’s financial institutions can quickly comply with important aspects of their local AML and Anti-Corruption legislation in their own language.

About WorldCompliance

WorldCompliance offers the highest level of protection from individuals and organizations that may represent a risk to your organization’s finances and reputation. Its solutions protect over 2000 clients in over 100 countries and are used to identify entities linked to over twenty risk categories including terrorism, narcotics, money laundering, fraud, collateral crimes, politically exposed persons, foreign officials and state owned enterprises.