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Strategic Business Alliance with WorldCompliance for Comprehensive Due Diligence Database

BEIRUT, LEBANON, December 14, 2004 – Amerab Business Solutions sal (ABS), the local office of US-based IDOM Middle East, LLC (www.idom-me.com), a leading provider of regulatory compliance expertise and related business automation solutions, has announced its strategic business alliance with World Compliance Incorporated, a leading provider of a comprehensive database of potentially high-risk individuals and companies for due diligence.

WorldCompliance’s business alliance with ABS, as the certified reseller of WorldCompliance’s comprehensive online and offline due diligence modules, provides the region with yet another efficient and cost effective solution to local and global reputational exposure. The companies will conduct joint marketing communications and other related activities around this initiative throughout the Middle East.

This solution, combined with IDOM Middle East’s software for black-list filtering, DNFS (Designated Name Filtering System), and AML-Reporter for transaction trend monitoring, offers financial institutions a comprehensive pro-active approach to the implementation of the newly created MENAFATF (Middle East-North Africa Financial Action Task Force) requirements, Basel Committee, as well as specific monitoring requirements for compliance with Central Banks' local anti-money laundering requirements.

WorldCompliance offers a centralized custom-built due diligence database of over 600,000 names of Politically Exposed Persons (PEPs), known or suspected terrorists, money launderers, narcotic traffickers, fraudsters, and other “white collar” criminals, as well as their family members and close associates. The information derives from court filings, government sanction lists, regulatory warnings, public media and proprietary investigative research.

In an institution’s effort to protect its local business and global reputational risk, this modular database can be used either online for individual name searches, or offline for multiple name screening. The database information is presented in clear profile form to allow for quick and informed decisions on the relevance of the data. WorldCompliance offers several independent modules that can be linked with any type of system for ultimate protection.

Mr. Fakhruddin Khalil, Chairman of ABS, stated, “By combining WorldCompliance’s comprehensive database with IDOM Middle East’s innovative software solutions, financial institutions can clearly demonstrate their serious initiatives towards KYC (Know Your Customer) requirements to Regulatory Authorities.”

Mr. Dirk Mohrmann, President of WorldCompliance, stated, “We are excited about finding such a competent and innovative partner for the Middle East. ABS has done a terrific job in integrating our data into their solution allowing clients to cost effectively screen their entire client database by simply pushing a button. This alliance will bring an unmatched combination of quality data and name matching expertise into the Middle East.”

About ABS

Amerab Business Solutions, sal, is the local support office of IDOM Middle East, LLC. ABS is strategically located at Liberty Tower in Hamra, Beirut, Lebanon and is within easy reach of the capital's prestigious banking community. Senior management consists of; Mr. Fakhruddin Khalil, Chairman, Mr. Vincent Raniere, Deputy Chairman & Assistant General Manager, and Mr. Haytham Khalil, Assistant General Manager. IDOM Middle East’s complete array of regulatory expertise and automation offerings provides the perfect solution to further assist financial institutions in their effort to comply with regulatory requirements. For more information on our products and services, please contact the services support team by dialing +96 1 1 744797, via e-mail at info@amerabsolutions.com, or visit the website at www.idom-me.com.


WorldCompliance is operated by World Compliance Inc. headquartered in the US. WorldCompliance’s database contains information on more than 600,000 known or suspected terrorists, money launderers, narcotics traffickers, fraudsters and other white-collar criminals, as well as PEPs (Politically Exposed Persons) and their family members and close associates. The database contains proprietary investigative research, government sanctions, regulatory warnings and criminal indictments. For more information, please visit www.worldcompliance.com.

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