The USA PATRIOT Act of 2001 is widely regarded as one of the legislative benchmarks driving AML regulation worldwide. The Act includes extensive regulatory stipulations for financial service providers ranging from banks and asset management companies to law firms and institutional lenders, and places significant emphasis on the ongoing assessment and mitigation of operational risk.
The PATRIOT Act requires regulated institutions to implement:
- AML compliance programs;
- Customer Identification Programs (CIP);
- monitoring, detecting, and filing reports of suspicious activity;
- due diligence on foreign correspondent accounts, including prohibitions on transactions with foreign shell banks;
- due diligence on private banking accounts;
- mandatory information-sharing in response to requests by federal law enforcement); and
- compliance with “special measures” imposed by the Secretary of the Treasury to address particular AML concerns.
Veridocs enables you to effective manage all of your AML, BSA and USA Patriot Act compliance and reporting requirements from a single application. And, for customers with multiple financial applications such as a Money Service Business (MSB), Veridocs can provide you the tools to monitor and maintain compliance for multiple venue transactions and throughout your enterprise. LEARN MORE >
