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A Worldcheck sub gives you access to all the lists. How is this "hacking"?

by PeterStuer 3y ago

kube-system 3y ago
This part: > illegally obtained from the third party’s system
- pc86 3y ago
  That makes it theft but doesn't make it hacking.
  - kube-system 3y ago
    Legally speaking, in many/most places, taking any data you're not supposed to take from a computer system is 'hacking'. This is a story about a hacking group that took data they're not supposed to have. I don't see many scenarios in which it wouldn't qualify.
- PeterStuer 3y ago
  I've integrated worldcheck for AML in financial service companies. Just like any other consultant doing this type of work, I could have walked out the door with a full copy of the DB on my laptop or a USB stick any time I wanted. Doing that might have made me a 'pirate' or a thief, but rest assured no 'hacking' would have been involved.
  - kube-system 3y ago
    The data was stolen by a hacking group, not employees
    - justinclift 3y ago
      That's what's claimed. Could be an insider job instead though.
somelamer567 3y ago
The data goes stale after a while. The real value of World-Check, is that it’s constantly updated, and if you’re using LSEG’s KYC screening platform, you get notified in real time as soon as anybody you’ve screened gets a new hit or update in the datafile. That covers you when good customers turn bad.
- PeterStuer 3y ago
  True in theory but compliance is not a realtime businesses process. In my days as I remember we got updates 3 times a day which was more than enough (many if not most risk/compliance processes either run once every 24 hours overnight, or are triggered at events such as customer onboarding.)
  - somelamer567 3y ago
    I’m not familiar with the minutiae of the current rules, but I know that the penalties around not screening for sanctioned entities are now quite severe. The funny bit, is that as soon as you SEE a hit against a sanctions list, the clock starts ticking, so you don’t want to check too often, to make sure you have enough analysts around to actually analyse the results. As with all things, there’s a balance to be struck.

A Worldcheck sub gives you access to all the lists. How is this "hacking"?

kube-system 3y ago

This part: > illegally obtained from the third party’s system

pc86 3y ago
That makes it theft but doesn't make it hacking.
- kube-system 3y ago
  Legally speaking, in many/most places, taking any data you're not supposed to take from a computer system is 'hacking'. This is a story about a hacking group that took data they're not supposed to have. I don't see many scenarios in which it wouldn't qualify.
PeterStuer 3y ago
I've integrated worldcheck for AML in financial service companies. Just like any other consultant doing this type of work, I could have walked out the door with a full copy of the DB on my laptop or a USB stick any time I wanted. Doing that might have made me a 'pirate' or a thief, but rest assured no 'hacking' would have been involved.
- kube-system 3y ago
  The data was stolen by a hacking group, not employees
  - justinclift 3y ago
    That's what's claimed. Could be an insider job instead though.

somelamer567 3y ago

The data goes stale after a while. The real value of World-Check, is that it’s constantly updated, and if you’re using LSEG’s KYC screening platform, you get notified in real time as soon as anybody you’ve screened gets a new hit or update in the datafile. That covers you when good customers turn bad.

PeterStuer 3y ago
True in theory but compliance is not a realtime businesses process. In my days as I remember we got updates 3 times a day which was more than enough (many if not most risk/compliance processes either run once every 24 hours overnight, or are triggered at events such as customer onboarding.)
- somelamer567 3y ago
  I’m not familiar with the minutiae of the current rules, but I know that the penalties around not screening for sanctioned entities are now quite severe. The funny bit, is that as soon as you SEE a hit against a sanctions list, the clock starts ticking, so you don’t want to check too often, to make sure you have enough analysts around to actually analyse the results. As with all things, there’s a balance to be struck.