|
• Patented Pending Matching Technology
For maximized accuracy and service quality, TerrorFilter uses
a Patent-Pending name match technology to minimize false positives and negatives.
• Integration Friendly
Solution integration is available accomplished via XML data transfer
over SSL secure Internet connections.
Who needs to comply with the US Patriot Act?
All U.S. persons must comply with OFAC regulations, including all U.S. citizens
and permanent resident aliens regardless of where they are located, all persons
and entities within the United States, all U.S. incorporated entities and their
foreign branches. In the cases of certain programs, such as those regarding Cuba
and North Korea, all foreign subsidiaries owned or controlled by U.S. companies
also must comply. Certain programs also require foreign persons in possession of
U.S. origin goods to comply.
How much are the fines for violating these regulations?
The fines for violations can be substantial. Depending on the program, criminal
penalties can include fines up to $10,000,000 and imprisonment ranging from 10 to
30 years for willful violations.
• Are all “financial institutions” required to comply?
A "financial institution" is defined in the BSA (Bank Secrecy
Act) to include:
• An insured bank (as defined in Section 3(h) of the Federal Deposit Insurance Act);
• A commercial bank or trust company;
• A private banker;
• An agency or branch of a foreign bank in the United States;
• An insured institution (as defined in section 401(a) of the National Housing Act);
• A thrift institution;
• A broker or dealer registered with the Securities and Exchange Commission;
• A broker or dealer in securities or commodities;
• An investment banker or investment company;
• A currency exchange;
• An issuer, redeemer, or cashier of traveler's checks, checks, money orders, etc.;
• An operator of a credit card system;
• An insurance company;
• A dealer in precious metals, stones, or jewels;
• A pawnbroker;
• A loan or finance company;
• A travel agency;
• A licensed sender of money;
• A telegraph company;
• A business engaged in vehicle sales, including automobile, airplane & boat
sales;
• Persons involved in real estate closings and settlements;
• The United States Postal Service;
• A casino, or gaming establishment with annual gaming revenue of $1,000,000;
•Any business or agency which engages in any activity which the Secretary of the
Treasury determines by regulation, to be an activity which is similar to, related
to, or a substitute for any activity described in this paragraph; or
• Any other business designated by the Secretary whose cash transactions have a
high degree of usefulness in criminal, tax or regulatory matters.
For more information about the USA PATRIOT Act Regulations go to http://www.fincen.gov/pa_main.html.
Contact
Contact us today and we will elaborate a proposal tailored exclusively for your
needs at sales@verificationbureau.com,
you may also call us at 877-477-4506 Ext 501
|