Money Service Business (MSB)
Identity theft afflicts as many as ten million Americans annually and in today’s economy, this number is steadily increasing. Retail money centers are the largest target for fraudulent transactions due to false identity. Organized crime and extremist organizations have devised elaborate schemes that not only have a negative effect on consumers, but on a business’ bottom line.
Veridocs coordinates all of your MSB applications in a single user application. Veridocs automates your BSA requirements while providing real-time identity validation, compliance, and reporting services – all created to help mitigate risk, improve efficiencies and to ensure you Know Your Customers. LEARN MORE >
MSB White Paper
Banks & Credit Unions
Identity theft afflicts as many as ten million Americans annually and in today’s economy, this number is steadily increasing. Financial Institutions are one of the largest targets for fraudulent transactions due to false identity. For this reason the Federal Trade Commission has instituted the Red Flags Rule (RFR). This rule requires financial institutions, and creditors, to implement policies and procedures that protect them and their customers from identity theft.
By utilizing the Veridocs Banking Solution you will mitigate your risk when:
- Opening new accounts
- Transacting business with non-account holders
- Processing unique transactions
