World-Check will consolidate information from a number of sources and construct a database for Bit Bank which highlights people and entities known to be of high or heightened risk, such as terrorists, fraudsters and money launderers. The database will also include individuals and businesses from over a dozen other high-risk categories.
Ms Claudette Abdallah, head of compliance unit for Bit Bank says: This specialized service allows us to immediately identify risk attached to suspicious client cases as well as to run an exhaustive research on prospects and their networks and associates. We are particularly pleased to be applying the same best practice that most of our correspondent banks rely on today.
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