New account holders had to be verified to near certainty and screened against the OFAC database and other government watch lists to thwart crooks, scam artists and potential terrorists.
The bank needed a cost-effective and compliance-ready solution through automated ID verification software, a niche IT product that seamlessly works with existing new account procedures to enhance identity safeguards and build a database of documentation showing the bank’s compliance with Section 326, the customer identity regulations in the Patriot Act.
The answer, in this case eFunds’ ID verification system, which came packaged with Scottsdale, AZ-based eFunds’ ChexSystems fraud prevention and risk management solution already employed by Frontier.
The new system could track what records new account reps were pulling for customer verification, allowing Roush to determine which employees are not completing full records checks, or those who aren’t clearing up “false positives” that mistakenly rejected customers.
Bankers Systems acquired Atchley Systems in October 2003 to broaden its Patriot Act compliance offerings.
Sheshunoff Information Services bank compliance consultant Lorraine Hyde believes most banks are largely taking the necessary steps from a “safety and soundness standpoint,” but not just for examinations.
http://www.banktechnews.com/article.html?id=20041101ZV7Q0QP5