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(formerly Patriot Act Connection)
The USA PATRIOT Act has not only made customer identification a critical task for all financial institutions, it has increased the level of scrutiny by regulators. What’s more, it has broadened their reach to include community banks and credit unions, both of which have become more vulnerable to fraud, money laundering, and terrorist financing.
The stakes have never been higher and the potential for large fines and adverse publicity has become an unfortunate reality for several institutions, large and small. As a component of our Wiz Sentri solution, Wiz Sentri: RiskID includes all the software modules you need to satisfy USA PATRIOT Act and Bank Secrecy Act regulations.
Wiz Sentri: RiskID is a set of flexible, automated tools that lets you automate your identity verification operations from account opening to record archiving. Our proven solution streamlines your workflow and ensures compliance with the latest regulations by allowing your institution to assess the risk of your account applicants, verify the identities of both individuals and businesses and screen applicants and account holders against government watch lists. All the information is stored in one place on one record and accessible with a single login eliminating the need for multiple passwords. With our hosted solution, simply enter the information and send us the files. We’ll do the rest for you.
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