In 2001 Congress enacted the USA PATRIOT Act in an effort to combat terrorism by freezing finances used to threaten our country. Under Section 326 of this law, financial institutions are required to implement a Customer Identification Program (CIP) and verify new customer’s name, address, date of birth and Social Security number.
Furthermore, the events of September 11, 2001 increased the diligent need for financial institutions to monitor transactions performed by or through them to better comply with the economic and trade sanctions enforced by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury administers.
Combined, ExpectID and ExpectID PA is IDology’s complete solution to help you comply with the rules and regulations of the USA PATRIOT Act including CIP and OFAC. Use it as a stand alone identity verification product or integrate it with any of our other solutions, including our knowledge-based authentication solution, to get more power in your “Know Your Customer” strategy.
How ExpectID and ExpectID PA Work:
ExpectID and ExpectID PA work together to validate a person’s identity and to check if a name is listed on any government lists of known or suspected terrorists including the Office of Foreign Asset Control (OFAC).
- Allows you to comply with rules and regulations of the USA PATRIOT Act including CIP and OFAC compliance regulations
- Real-time capabilities provide faster response times
- Easily integrates with your existing technology and procedures
- Protects your business from fraud
- Credit Unions
- Trust Companies
- Security Brokers
- Financial Planners
- Futures Dealers
- Mortgage Companies