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One of the most
sophisticated US Patriot Act compliance tool in the industry!!!!
 The
Office
of Foreign Assets Control (OFAC)
and Bureau of Export Administration
(BXA) lists change on a daily basis. We can initially scrub
an existing database against the OFAC 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.
No minimum commitment. No waiting.
Please contact us for more information on how to get started!
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| Required
Institutions |
- Banks,
Savings Associations, Credit Unions, Private Banks
and Trust Companies
- Securities
Brokers and Dealers
- Mutual
Fund Companies
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| Benefits |
- 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.
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| Process |
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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.
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| OFAC (
The Office of Foreign Assets Control ) |
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The Office of Foreign
Assets Control ("OFAC") of the U.S. Department of the
Treasury administers and enforces economic and trade
sanctions based on US Foreign Policy and National Security
Goals.
Data Includes:
- Targeted foreign countries Designated
nationals Terrorists
and terrorism sponsoring organizations Narcotics
traffickers
- Blocked
persons and vessels
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| BXA (
Bureau of Export Administration ) |
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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
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| Solution |
- Scrub
clients data against the OFAC and BXA lists.Conduct
high volume searches to verify customer supplied identity
information with low cost. 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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