PATRIOT Act Software
Implementing a Customer Identification Program (CIP) at your institution is an easy task if you have the right tools in place. Automated compliance software saves time and money, while ensuring compliance with regulations like the USA PATRIOT Act, Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Red Flag Rules and more.
Features to Look For in CIP Software
A first-rate CIP compliance software offers the following features:
- Capable of quick identity verification of new customers at account opening
- Automatically checks a new client's name against the latest OFAC list
- Ability to run various reports for regulatory compliance documentation
- Sufficient recordkeeping capabilities adhering to the USA PATRIOT Act Section 326 retention requirements
Section 326 Compliance with WatchDOG® CIP
ATTUS’ WatchDOG® CIP compliance software provides support of your Customer Identification Program (CIP) as required by the USA PATRIOT Act, enhances verification for your Customer Due Diligence (CDD) and helps detect discrepancies in identifying information as required by your Red Flag Program to provide a custom-fit compliance program for your institution.
Also, take advantage of additional benefits when choosing WatchDOG® CIP:
- Three levels of identity verification to ensure your institution has employed a true “risk-based” approach
- An “Out of Wallet” feature for an advanced layer of identity verification, posing questions that only clients know and can answer
- A “Red Flag Checklist” to facilitate your institution’s Identity Theft Prevention Program in compliance with Red Flag Rules
Stay USA PATRIOT Act compliant while reducing costs, conserving resources and increasing efficiency in your institution with WatchDOG® CIP.
Or to learn more about implementing a successful Identity Theft Prevention program at your institution, check out this white paper “Red Flag Rules – Maintaining a Viable Identity Theft Prevention Program.”