PATRIOT Act Compliance
Did you know that Patriot Act is actually an acronym?
It is short for the Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act. The act, among other things, authorizes the Secretary of the Treasury to regulate financial transactions, particularly those relating to foreign individuals. ATTUS scans your customers to see if any of them match the names on the list provided by the Office of Foreign Assets Control or OFAC.
USA PATRIOT Act Requirements for Financial Institutions
Creating and implementing a successful Customer Identification Program (CIP) is essential when meeting the requirement of the USA PATRIOT Act Section 326. A successful CIP program contains:
- Policies and procedures to verify customer identities using specific required information
- Ways to check these identities against government watch lists
- Methods of documenting and retaining these identity verifications for the appropriate amount of time required after the account is closed
Implementing a program like this at your institution may seem like a daunting task, but there are tools available to ensure that your CIP program is successful and compliant.
USA PATRIOT Act Compliance Software
Verifying the identity of your new customers is a job for ATTUS, and we do it very well with our WatchDOG® CIP compliance software. Choose WatchDOG® CIP for your USA PATRIOT ACT compliance needs and see the following benefits:
- Reduces losses due to fraud
- Increases efficiency by eliminating the manual identity verification process
- Ensures compliance with Red Flag Rules set forth by the Fair and Accurate Credit Transactions Act (FACTA) in addition to USA PATRIOT Act Customer Identification Program (CIP) requirements
Choose a cost-efficient, reliable solution to help your business stay USA PATRIOT Act compliant with ATTUS Technologies' PATRIOT Act Software.