PATRIOT Act Connection and your loans
This article written to inform lending institutions about how the Patriot act can be useful to them in reducing loan risks and collection costs on defaulted loans. So are they saying that if you default on a loan you now get added to a "Patriot Act" data base and sooner or later you might be tried and convicted as a terrorist?
Well, I really don't know about that and at this time I wouldn't even hazard a guess, educated or otherwise. But from the looks of this article and the website that just might be something to worry about.
Financial institutions require solutions that limit work flow interruptions, are economical, and allow customization according to their policies and procedures. These requirements don’t change when considering a solution to comply with Section 326 of the USA PATRIOT Act. Bankers Systems’ PATRIOT Act Connection™ (PAC) solution provides an integrated, component-based approach to meeting the compliance requirements of Section 326 of the USA PATRIOT Act.
The PAC resource includes a Risk Assessment Module and an identity verification component with future offerings to include OFAC and FinCEN lists, international data source, data retention, fraud databases, and more. With the PAC solution's risk-based approach, only suspect accounts are forwarded to the identity verification process—IDFlag, thus reducing your overall cost. This risk assessment module can also be customized to accommodate your customer identification policy.
IDFlag is a complete solution, providing verification, validation and high-risk searches. BSI has partnered with RiskWise to bring you this solution—a company that has focused on identity verification for five years—longer than any other major competitor. This partnership gives you the peace of mind that comes from the reputations of BSI’s compliance expertise and RiskWise’s unparalleled identity verification processes.
Your employees will find the entire process quick and easy to use. IDFlag includes help text that will direct your employees on the steps to take when presented with conflicting identity verification information. This help text can be customized to meet your institution’s risk management procedures.
The PAC solution offers a comprehensive deposit and lending solution from one vendor, reducing the time and inconvenience of working with multiple organizations to meet all of your compliance and identity verification requirements. The integration process with your existing work flow is made easier as BSI has partnered with many of the industry-leading data processors and software providers. We also offer technical integration services to assist you in with integrating with proprietary systems or any other systems.
How PAC can work for you:
Institutions can deploy the PAC solution in various manners—depending on each line of your business needs. The new account department may deploy a real-time model in order to detect improprieties before distributing checks or other monetary instruments. The lending department may deploy a batch solution because the credit decision is generally an overnight process. Most departments will choose to integrate with their existing systems to reduce the amount of interruption to the work flow.
Click here for the rest of the story
