Banks, private companies, government agencies, and immigration services abroad conduct compliance checks before starting a relationship with any individual. For many institutions, this is a legal requirement. As part of the compliance procedure, the top search results for the person's full name are reviewed to identify potential risks, such as involvement in illegal activities, money laundering, or corruption.
Compliance checks aim to ensure that information in open sources about the person matches their submitted documents and current status. For example, if a person appears in international media as an active official, but they haven't been involved in public service for some time, this will raise questions for compliance officers or even doubts about the accuracy of the documents.
That's why it's essential to remove unreliable or irrelevant information from the top search results and fill it with accurate and relevant information. This ensures compliance officers don't have questions about discrepancies between online data and submitted documents.
World-Check, LexisNexis, and Dow Jones, the most well-known international risk assessment databases, collect information from open sources to create personal profiles. These databases, along with open sources, are the primary compliance tools.
The compliance procedure for citizens abroad is becoming more complex and time-consuming, and the risk of failing compliance is increasing. A negative compliance check result can lead to significant restrictions abroad: banks may not open accounts or conduct transactions, immigration services may not issue residence permits or citizenship, and foreign companies may refuse to cooperate.