REVERA lawyers successfully represented the Client's interests on removal of inaccurate information from World-Check One
REVERA lawyers successfully assisted the Client in removing information about his potential association with designated entity* from World-Check One.
A person included in the blocking sanctions of the European Union, USA.
What is World-Check One?
World-Check One is a database used by international banks, financial organizations, law firms, insurance companies to conduct checks of individuals and legal entities for compliance with sanctions regimes, Due Diligence, KYC, etc.
Inclusion of a legal entity or individual in the World-Check One or mentioning it on the basis of its links/association with designated persons is the basis for a more thorough verification and monitoring of such person to make sure that he/she is not connected with the applied restrictive measures (sanctions), with financial risks, terrorism, etc. Although verification in such database is only an additional source (FATF Recommendation 12), often the verification is limited to this, which leads to the fact that the mention of a person in the World-Check One is a "red flag" and may be the basis for refusal to provide services (opening a bank account, concluding a contract, etc.) or even termination of cooperation with such a person in general.
You can find out in advance whether your organization is mentioned in World-Check One by filling out the information request form on the website.
Case of exclusion of a Client from the World-Check One database
The client – a resident of Belarus, selling a wide range of goods in retail, was included in the World-Check One. The reason for inclusion in the database is the connection with the designated entitity through the sale of his goods, in other words, from the point of view of the list compilers, the Client "was a dealer of the designated entity". Inclusion of the Client in such database significantly hindered his activities with counterparties for whom compliance with restrictive measures (sanctions) is mandatory. Presumably, the decision to include the Client's information in the World-Check One was made on the basis of public information, including the fact that the Client's website also included goods belonging to the designated entity among the goods presented for sale.
REVERA lawyers prepared for World-Check-One a legal opinion of the fact that the sale of goods belonging to a designated entity is not a reason to conclude that the Client is a dealer of the designated entity and has a connection with it beyond the framework of the "supplier - buyer" relationship. When justifying the absence of connection with the designated person, we recommend substantiating the absence of such connection not only from the point of view of national law (in this case Belarusian law), but also taking into account the criteria established by the American and European sanctions regulators.
If you still have any questions, REVERA Belarus lawyers will be able to advise you.
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