The following international compliance databases are currently used for contractor verification or KYC checks abroad: LSEG World-Check and its counterparts — LexisNexis, WorldCompliance, Dow Jones Risk & Compliance, etc.
They have accumulated information about politically exposed (PEPs) and related persons. Such information is often sourced from the Internet. Entry onto compliance databases increases a person’s risk factor significantly. Information in the databases does not necessarily reflect the profile owner’s connections with “toxic” individuals or companies; yet, this makes foreign banks and counterparties refuse to continue such relationships.
Members of BGP Litigation’s Compliance and Sanctions Law Practice liaise with database administrators to have the relevant details corrected and/or aligned with reality or to have any false or misleading information deleted. In parallel, our lawyers deal with the primary sources referred to in the databases. In other words, we take care of our clients’ public positioning; specifically, we follow a pre-trial process to rectify or delete from the media and Internet any discrediting, untrue or out-of-date information serving as the basis for being indexed in the relevant compliance databases.
When providing this kind of assistance, we send requests to international compliance databases seeking to rectify or delete the relevant profile or, if such requests are rejected without reasonable cause, file complaints with the relevant regulators.
Through its many years of continued practice, BGP Litigation has accumulated unique expertise and has gained a deep understanding of the specifics of international compliance databases. Practice acts as an external independent quality controller for Russian databases Х-Compliance (by Interfax) and Kontur-Prizma (by Kontur).