The signing of the USA PATRIOT Act on October 26, 2001 placed new guidelines on financial institutions, expanding upon previously enacted legislation designed to prevent the financing of terrorist activity and money laundering by domestic and foreign criminals.  As a result, financial institutions must implement procedures to (1) verify the identity of any person opening an account; (2) maintain records of the information used to verify the person’s identity; and (3) determine whether the person appears on any list of known or suspected terrorists or terrorist organizations. 

Numerous online tools are available to assist in the identification of customers in the United States, but where do financial institutions turn for verification of international customers?

For over 22 years, NFC Global (NFC) has been conducting customer verification for clients seeking an international solution.  We understand the complex policies and regulations of countries worldwide.  Our knowledge and experience allow us to obtain the necessary information in a reliable, compliant, cost-efficient manner.


Solutions

Exception Processing

Many financial institutions use electronic, automated batch processing systems to screen new and existing accounts.  For these clients, NFC conducts exception processing using online and, in the international arena, offline resources.  This allows us to provide our clients with a higher level of verification.  By combining the use of online and offline data, we can often confirm that the subject of an automated “hit” is the actual accountholder, or a “false positive” name match.

Total Solution

For those institutions that do not currently have a Customer Identification Program in place, NFC offers a total solution, beginning with basic verification followed up by full due diligence of any questionable accountholder.

Accountholder data is transmitted to NFC via batch, fax, our online WebProducts™ System or other agreed upon format.  Using the provided data, a basic verification is conducted to examine the validity of the information provided by the accountholder.  Accountholder names are then run against government lists of suspected terrorists and terrorist organizations.  Upon completion of our research, a report is returned to our client through the preferred method. 

When derogatory, incomplete or incorrect accountholder information is found, a more detailed due diligence investigation can be conducted by NFC if further details are sought.

NFC can also provide expert consulting services to create or enhance policies and procedures to detect and prevent money laundering.


Contact NFC to find out how we can help your business comply as quickly and efficiently as possible.