24.03.2006 15:58:00
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LexisNexis Adds WorldCompliance Content for Due Diligence; One-Stop Access to New Information Helps Financial Institutions and Others Conduct Due Diligence on Politically Exposed Persons
With the final version of section 312 of the USA PATRIOT Actpublished in January 2006, this new content addition provides a timelyresource for investigating PEPs. Amongst other requirements, the newregulation specifies enhanced due diligence for financial institutionswhen dealing with Politically Exposed Persons.
"This is valuable information for our financial customers, but italso has applications for different types of industries and users,from the lobbyist who wants to find potential influencers to thejournalist looking for associates of the person they areinterviewing," said Elizabeth Rector, senior vice president ofCorporate and Federal Markets for LexisNexis. "This addition fromWorldCompliance further strengthens our ability to provide ourcustomers with a single point of access to trusted and comprehensivebusiness intelligence information."
By integrating the PEP database into the flagship Nexis(R)service, customers can now seamlessly access relevant, publicinformation on individuals. For example, identify the PEPs amongsttheir clientele, discover links between PEPs that might not have beenpreviously known, and identify potential new customers.
For background research on foreign nationals, WorldCompliance'sdeep repository allows customers to better locate, verify and researchindividuals across the globe in a single search.
"By working with an industry leader like LexisNexis we can helpcustomers with their due diligence efforts," said Dirk Mohrmann,chairman at WorldCompliance. "This is an important contribution to theintegrity of the financial system."
A Politically Exposed Person is:
-- a current or former senior official in the executive, legislative, administrative, military, or judicial branch of a foreign government (whether elected or not).
-- a senior official of a major foreign political party.
-- a senior executive of a foreign government-owned commercial enterprise, being a corporation, business or other entity formed by or for the benefit of any such individual.
-- an immediate family member of such individual; meaning spouse, parents, siblings, children, and a spouse's parents or siblings.
-- any individual publicly known (or actually known by the relevant financial institution) to be a close personal or professional associate.
For more information on accessing WorldCompliance(TM) PoliticallyExposed Persons (PEP) Database via the LexisNexis service, call1-800-227-4908. Current customers who are interested in this latestoffering should contact their sales representative.
About LexisNexis
LexisNexis(R) (www.lexisnexis.com) is a leading provider ofinformation and services solutions, including its flagship Web-basedLexis(R) and Nexis(R) research services, to a wide range ofprofessionals in the legal, risk management, corporate, government,law enforcement, accounting and academic markets. A member of ReedElsevier Group plc (NYSE:ENL)(NYSE:RUK) (www.reedelsevier.com), thecompany does business in 100 countries with 13,000 employeesworldwide.
LexisNexis has more than 30 years of experience in organizingenormous data stores and developing and delivering sophisticatedsearch, integration, and analytic tools that can be tailored to auser's workflow. With breaking news, legislation and regulations,business intelligence, intellectual property and public opinion,LexisNexis provides access to the interpretive data and the facts andfigures that impact peoples' business decisions across the globe.LexisNexis works closely with its customers to help them find theanswers they need to make informed business decisions that drivewinning results.
LexisNexis, Lexis and Nexis are registered trademarks of ReedElsevier Properties Inc., used under license. (C) 2006 LexisNexis, adivision of Reed Elsevier Inc. All rights reserved.
About WorldCompliance
WorldCompliance(TM) (www.worldcompliance.com) offers a screeningsolution to identify Politically Exposed Persons, individuals andcompanies related to terrorism financing, money laundering, fraud,corruption and drug trafficking plus their family members andassociates. Unmatched in quality and coverage, it contains over500,000 detailed profiles with dates of birth, addresses, national IDnumbers and even portrait photographs. Recognized as an industryinnovator with unrivaled integrity, WorldCompliance is the chosensolution by many of the world's largest financial institutions.
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