New GlobalKYC data service to assist in asset freezing and recovery

Vortex Centrum Limited, publisher of World Money Laundering Report announces the launch of GlobalKYC.com, a new information service for banks, insurance companies, lawyers, accountants, government departments (including FIUs, prosecutors, asset recovery departments and sanctions-issuing departments) and commercial companies to identify assets that are subject to freezing order, order for seizure or confiscation orders as well as orders for the arrest of assets such as ships and aircraft.

GlobalKYC is designed to meet a specific requirement for both ends of the Know Your Customer / Customer Due Diligence spectrum. It creates a unique channel for those obtaining orders (“Applicant”) to make them available, worldwide, within minutes of the Order being obtained. Where time is of the essence, and assets can often be easily moved before a notice reaches the person holding it, the near-frictionless system provided by GlobalKYC means that information can be viewed and acted upon by asset holders who might not have previously have come to the Applicant’s notice.

For asset holders, be they banks, insurance companies, commercial entities or, even, deposit box or mail box providers, the information can be fed into their RSS feeds so they become aware that a notice has been posted immediately it appears in GlobalKYC.com.

The service is distinguished from established KYC databases and services in several ways.

The first is that the data entered into GlobalKYC.com is provided directly by, and only by, the person obtaining the Order (or, in the case of executive orders, the person making the Order). They are in complete control of the data and all data they provide is published on the face of the Notice. They hold all rights in the data, subject to a very specific and narrow licence to GlobalKYC. GlobalKYC.com holds no additional data relating to the subject of the Notice.

Secondly, unlike established KYC databases, GlobalKYC is not dependent upon the publication of data in third party sources: GlobalKYC does not gather data from the general news media nor from e.g. government-run websites and lists.

Third, there is no extraneous “noise.” GlobalKYC is focussed, exclusively, on one single data type: orders in the pursuit of assets.

Fourthly, it is free to read GlobalKYC notices. Unlike established KYC/CDD databases, we do not charge to view the information. A no-cost registration is required for those persons who are not members of paid-for services.

Fifth, there is no discrete charge to post notices to GlobalKYC. Site Licence holders for World Money Laundering Report automatically have permission to post, edit and delete as many notices as they wish during their period of WMLR membership.

Because GlobalKYC has been designed as an integral part of the Financial Crime Group of publications at PleaseBeInformed.com, the profile of Notices is immediately enhanced. The introduction appears on the front page of PleaseBeInformed.com and on the dedicated GlobalKYC section page.

KYC / CDD data providers may apply to republish the introduction but they must link back to the page at GlobalKYC.com because data providers may update the information at any time and, as cases have shown, a failure to maintain up to date information can have serious and costly consequences.

Nigel Morris-Cotterill, Head, the Anti-Money Laundering Network, ultimate owner of World Money Laundering Report, said “When I was a solicitor in private practice one of the major problems was dissemination of information relating to asset freezes, and so on, where we knew there were assets but we didn’t know exactly where or, even if we were fairly certain which jurisdiction they were located in, we would not know the institution. Next year, I’ll have worked in counter-money laundering and related fields for 25 years, that problem has not gone away. Until today. I’m both pleased and proud that we’ve been able to build such a tool and to make it available at no cost to those that Notices must reach.”

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