 One of the Most Sophisticated US Patriot Act Compliance
Tools in the Industry!!!!
The
Office of Foreign
Assets Control (OFAC) and Bureau of Export Administration
(BXA) list changes on a daily basis. We can initially
scrub an existing database against the OFACS list
and update on a daily, weekly or monthly basis including
new clients to the database.
We are more than happy to demonstrate how it works
on the screen.
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| Required
Entity |
- Banks, Savings Associations, Credit
Unions, Private Banks and Trust Companies
- Securities Brokers and Dealers
- Mutual Fund Companies
|
|
| Benefit |
- Avoid financial and reputable harm by
becoming proactive with your existing
client databases.
- Know your business customers by verifying
their existence, history and information
about businesses, their customers, associates
and principals.
- Conduct successful investigations into
suspicious activity and perform enhanced
due-diligence to protect your organization.
|
|
| Process |
| |
Obtain identifying information
(such as Name, Address, DOB and Tax ID)
from customers seeking to open new accounts.
Verify the identity of any
person seeking to open an account within
a reasonable amount of time.
Maintain records for the information
used to verify the person's identity for
5 years from the date the account is closed.
Determine if the person appears
on government lists of known or suspected
terrorists or terrorist organizations such
as OFAC and BXA.
|
|
| OFAC
(The Office of Foreign Assets Control)
|
| |
The Office of Foreign Assets Control (OFAC)
of the U.S. Department of the Treasury administers
and enforces economic and trade sanctions
based on U.S. Foreign Policy and National
Security Goals.
Data includes:
- Targeted foreign countries
- Designated nationals
- Terrorists and terrorism sponsoring
organizations
- Narcotics traffickers
- Blocked persons and vessels
|
|
| BXA (Bureau
of Export Administration) |
| |
Contains information on firms and individuals
denied access to US goods in an effort to
deter the export of items to:
- Known or Suspected Terrorists
- Terrorist Organizations
- Unreliable operatives that could prove
damaging to the US
|
|
| Solution |
| |
- Conduct high volume searches to verify
customer supplied identity information.
- Link customer wallet information with
data resources to reveal good matches,
inconsistencies and exceptions.
- Integrate into existing systems and
processes for follow-up investigations
and record maintenance.
- Receive one-time, daily, weekly or monthly
file delivery.
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