Getting a core shareholder of a major Russian bank removed from the World-Check (Refinitiv) database as a PEP (a politically exposed person) due to inaccurate information in the database
Getting a core shareholder of a major Russian bank removed from the World-Check (Refinitiv) database as a PEP (a politically exposed person) due to inaccurate information in the database.
Getting a financial institution to revoke decision to close a financial investor’s account following removal of his name from database of high-risk parties
A Swiss bank serving our client decided to close his account within two months. After several information requests, the bank’s management disclosed its reasons for freezing his bank account, citing the need to “audit the client on suspicions of being a compliance risk based on his World-Check profile”. The principal was not listed as a PEP in the relevant regulatory database, but it was still assigned the OB code (for “Other Bodies,” focus of attention by government agencies) because of his association with two individuals sentenced in a criminal fraud case related to siphoning assets from a Russian bank that was until recently a top-50 bank in Russia.
Our advocates were concurrently working to have the client’s name removed from the database as well as negotiating with the bank, and their concerted efforts resulted in the bank’s withdrawing its account termination notice.