KPMG Regulatory ComplianceAnnounces Release of Intelligence Watch List and Database
KPMG's Regulatory Compliance Departmentis pleased to announce the launch of a searchable database ofknown high risk individuals and entities, which is now availablevia the web. The Intelligence Watch List is compiled from reputableinternational public source information including newspapers,newsletters, newswires, technical journals and periodicals, industrypublications, official sanction lists and regulatory enforcementactions.
The database currently comprises almost10,000 individual/entity names known or alleged to be involvedin money laundering, fraud, drug trafficking, terrorism, publiccorruption, or subject to official sanction. To reflect new developments,the database is updated monthly with approximately 100 additionalindividual/entity names being added.
In addition, KPMG's Regulatory Compliance Department producesan Intelligence Bulletin, which is a monthly periodical that iselectronically distributed to Compliance professionals. The IntelligenceBulletin contains the Watch List for the current month, whichlists the new additions to the database. It also identifies currenttrends and issues with respect to money laundering, and providesfor a professional exchange of questions and answers in a forumenvironment.
According to Ken Bryant, Senior Managerof the Regulatory Compliance Department of KPMG, "this isanother example of KPMG's continuing commitment to provide practicalbusiness driven solutions to the real world issues of our clients.In response to client demand, we developed the database to assistin the due diligence of new and existing business. This is inaccordance with international best practice and a requirementof The Guidance Notes on the Prevention and Detection of MoneyLaundering in the Cayman Islands. To my knowledge, this is themost comprehensive private database of its kind in the world."