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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
DAYTON, OH AND MIAMI, FL, March 24, 2006 - LexisNexis U.S., a leading provider of information and services solutions, and WorldCompliance, a leading information provider specializing in the aggregation of information on Politically Exposed Persons (PEPs) and other due diligence services, today announced that the WorldCompliance™ Politically Exposed Persons (PEP) Database can now be accessed via the LexisNexis® online service.
With the final version of section 312 of the USA PATRIOT Act published in January 2006, this new content addition provides a timely resource for investigating PEPs. Amongst other requirements, the new regulation specifies enhanced due diligence for financial institutions when dealing with Politically Exposed Persons.
“This is valuable information for our financial customers, but it also has applications for different types of industries and users, from the lobbyist who wants to find potential influencers to the journalist looking for associates of the person they are interviewing,” said Elizabeth Rector, senior vice president of Corporate and Public Markets for LexisNexis. “This addition from WorldCompliance further strengthens our ability to provide our customers with a single point of access to trusted and comprehensive business intelligence information.”
By integrating the PEP database into the flagship Nexis® service, customers can now seamlessly access relevant, public information on individuals. For example, identify the PEPs amongst their clientele, discover links between PEPs that might not have been previously known, and identify potential new customers.
For background research on foreign nationals, World Compliance’s deep repository allows customers to better locate, verify and research individuals across the globe in a single search.
“By working with an industry leader like LexisNexis we can help customers with their due diligence efforts,” said Dirk Mohrmann, chairman at WorldCompliance. “This is an important contribution to the integrity 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™ Politically Exposed Persons (PEP) Database via the LexisNexis service, call 1-800-227-4908. Current customers who are interested in this latest offering should contact their sales representative.
About LexisNexis
LexisNexis® (www.lexisnexis.com) is a leading provider of information and services solutions, including its flagship Web-based Lexis® and Nexis® research services, to a wide range of professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. A member of Reed Elsevier Group plc [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), the company does business in 100 countries with 13,000 employees worldwide.
LexisNexis has more than 30 years of experience in organizing enormous data stores and developing and delivering sophisticated search, integration, and analytic tools that can be tailored to a user’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 and figures that impact peoples’ business decisions across the globe. LexisNexis works closely with its customers to help them find the answers they need to make informed business decisions that drive winning results.
About WorldCompliance
WorldCompliance™ (www.worldcompliance.com) offers a screening solution to identify Politically Exposed Persons, individuals and companies related to terrorism financing, money laundering, fraud, corruption and drug trafficking plus their family members and associates. Unmatched in quality and coverage, it contains over 500,000 detailed profiles with dates of birth, addresses, national ID numbers and even portrait photographs. Recognized as an industry innovator with unrivaled integrity, WorldCompliance is the chosen solution by many of the world’s largest financial institutions.
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