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Identity Verification, Regulatory Compliance
and Enhanced Due Diligence Tools |
Software Solutions for Banks
Banks remain a leading area of focus for compliance issues. All banking transactions
should be screened in order to avoid compliance violations. Areas such as new
accounts, wire transfers, and letters of credit should be checked as the transactions
occur. The entire customer information file (CIF) should be rechecked whenever
compliance agencies update their watchlists.
Where should a bank begin in implementing compliance systems? Begin by identifying the types of transactions which create the most risk for compliance violations. These areas typically include the following: wire transfers, new accounts, letters of credit, loans, and CIF files. You may find Practical OFAC Principles and Practical USA PATRIOT Act Principles helpful for this. |
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