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Under the Bank Secrecy
Act (BSA) all US financial
institutions are required to have a risk-based AML program in place, consisting
of appropriate customer due diligence (CDD), record-keeping and ongoing
monitoring, in order to detect, deter, prevent and disrupt money
laundering and terrorist financing.
Identity verification checks are a vital part of any risk-based
AML program and must be completed on all customers at the onboarding stage to
ensure they are who they say they are. The identity verification process therefore
needs to confirm three key things; firstly, that the details provided by the customer
are that of a legitimate person, secondly, that the person providing the
details is that legitimate person, and thirdly, that those details are
not associated with any illicit activities.
The USA Patriot Act
lays out several requirements to prevent and detect money laundering and
terrorist financing. Relating to the verification of identification, the USA
Patriot Act determines that a Customer Identification Program or ‘CIP’ sets out
the minimum standards that apply to Financial institutions when onboarding a
customer relative to its size and the type of business it engages in. These
standards enable the institution to ensure it knows the true identity of each customer.
For the most quick and reliable identity verification system,
choose SmartSearch. Our innovative online platform will help you meet all your
BSA/CDD Final Rule requirements ensuring you always stay FinCEN compliant.
The unique three-stage system uses global credit reference data,
the Dow Jones watch list and the latest facial recognition technology to enable
you to run full KYC checks - with adverse media, sanctions and PEP screening -
and ID fraud checks to ensure the customer data and the person providing it
match. We host all search data on the platform and monitor it every night for compliance
and audit purposes, meaning you need just one system for all your KYC needs.
Let one of our highly-trained sales team demonstrate the multi-award winning SmartSearch AML product