|
Background
-
To establish process and performance requirements for instituting security threat assessments and background checks on drivers moving certain types of hazardous materials in commerce.
-
Implementation of Section 1012 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as well as the Safe Explosives Act of 2002.
Required Institutions
- Banks, Savings Associations, Credit Unions, Private Banks and Trust Companies
- Securities Brokers and Dealers
- Mutual Fund Companies
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.
Process
- 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.
OFAC ( The Office of Foreign Assets Control )
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
- Blocked persons and vessels
EcomNets' Solution
- Compliance process data integration against the OFAC and BXA lists.
- Conduct high volume searches to verify customer supplied identity information with low costusing compliance process manager.
- Link customer wallet information with data resources to reveal good matches, inconsistencies and exceptions.
- Compliance process Integration into existing systems and processes for follow-up investigations and record maintenance.
