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World Compliance and The Cherry Group form alliance to help fight corruption in the CIS region
Date: July 15, 2010
World Compliance and The Cherry Group form alliance to help fight corruption in the CIS region
Miami Fl. and Nicosia, Cyprus – July 2010: WorldCompliance, the leader in Open Source Intelligence and the Cherry Group, a leading provider of information security, anti-money laundering, fraud prevention, regulatory compliance and risk management solutions, announced a formal partnership to help organizations in the Commonwealth of Independent States (CIS) region mitigate risk, improve compliance, and prevent fraud.
Under the agreement, the Cherry Group will market World Compliance solutions in the Ukraine, Belarus and Georgia. This underlines the response to the various governments’ efforts in the region to combat corruption. For reference, the Government of Ukraine has made numerous efforts in recent years to pass amendments to the AML Law so as to bring the legal framework into compliance with the Financial Action Task force (FATF) requirements. In May, the Ukrainian parliament adopted amendments to the Law of Ukraine on Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime and Terrorist Financing.
The FATF, in its 2008 annual report named the Ukraine as one of the jurisdictions that have undertaken to implement the FATF’s 40+9 recommendations. The Ukrainian parliament reintroduced a draft law that would make amendments to the AML Law in order to broaden the types of entities and professionals which are subject to financial monitoring to include lawyers, law firms, real estate companies, auditors, notaries, traders in precious metals, postal money transfer offices, lotteries, and consulting companies among others. The law also imposes an obligation to report transactions that could be used for terrorist financing.
“Our alliance is a critical step in providing best-in-class solutions to financial institutions in the CIS region at a time when organizations are held to higher standards for Anti-Corruption, AML and fraud prevention regulations.” said Dirk Mohrmann, CEO of World Compliance. “The combination of our experience, product know-how and first-to-market innovation provides a leading edge in helping mitigate organizations risk.” Dirk added.
“We deliver proven solutions from the world’s leading information security and compliance vendors to financial institutions across the CIS region.” said Morten Kriek, General Director of The Cherry Group. “When the new legislation was adopted in Ukraine, there was little doubt as to who the most suitable partner would be to assist our clients in complying with new regulatory requirements”, Morten added
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