SIBA selects World-Check for Compliance

Posted in Seychelles offshore jurisdiction at 4:03 pm by Robert Klien

Recently, the Seychelles International Business Authority (SIBA) has subscribed to the top provider of structured intelligence on heightened risk individuals and entities called World-Check. This was done to facilitate SIBA’s due diligence reviews of submissions for registration and application of licenses.

A new subscription signifies that SIBA aims to ensure that the Seychelles is in compliance with internationally accepted standards and best practices when maintaining its reputation of a well-established offshore financial centre.

World-Check database of heightened risk individuals and entities is a famous must-have in any protocol related to anti-money laundering, counter-terrorist financing and fraud prevention. It is considered reliable by more than 2 000 institutions that include 46 of the world’s 50 largest financial institutions and hundreds of government agencies. They use World-Check to check the potential risk for their customers, applicants, associates, employees and transactions.

SIBA will join the above-mentioned institutions already counting on World-Check.

Implementating World-Check is one of SIBA’s activities aimed to enhance the effective framework, which is a part of “Know Your Client” procedures that should be conducted in accordance with internationally standards.

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