In a move to further strengthen its position in the American banking and securities industry Bankers Systems, Inc., a Wolters Kluwer company, has announced the launch of its new identity verification program. This new multi-component program is aimed at helping financial institutions reduce fraud and comply with the expanded due diligence requirements of the USA PATRIOT Act. The program provides a comprehensive solution for the upcoming changes mandated by the U.S. Department of Treasury and federal financial regulators in an effort to help prevent money laundering, terrorist financing, and various forms of fraud, such as identity theft. The program not only helps financial institutions comply, but it also provides strong analytical tools to aid in the reduction of fraud related to identity theft. Once the U.S. Secretary of the Department of Treasury finalizes the proposed requirements, they will take effect on or before October 26, 2002.
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The brand new product line of Bankers Systems, Inc., a leading US provider of compliance resource solutions for financial institutions, spearheads the Wolters Kluwer Legal, Tax & Business North America strategic objective for growth as a provider of workflow and productivity tools to the financial services industry.
Specifically, the software and tools in the program help financial institutions implement the required Customer Identification Program (CIP) and provide consistent treatment for applicants and financial transactions. The program is organized into six categories:
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New Account Procedures - A checklist of account opening procedures and fraud detection tips for front-line staff |
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Training -Telephone/Internet-sessions and other on-line training addressing topics related to the requirements of the USA PATRIOT Act |
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Account Assessment - A tool to evaluate and assign a risk rating to new accounts |
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IDFlag(TM), Identity Verification and Fraud Risk Review Software - Software that enables 'real-time' verification of consumer and business application information to assist with fraud prevention, follow-up due diligence, and government list checking |
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Reporting -Tools to generate reports of fraud checks and the results |
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Consumer Awareness Solutions - A customer awareness program to inform consumers about identity theft and to help financial institutions meet their 'adequate notice' requirements under Section 326 of the Act |
IDFlag's account opening searches can be performed 'real time' to enable instant decision making via a browser-based interface or through integration into the financial institution's platform system. The searches can also be delivered through automated batch processing so that results can be obtained in minutes.
'We were diligent about creating a comprehensive identity program with the new account representative in mind,' said Debra Geister, marketing manager at Bankers Systems Inc. 'The procedures and tools are easy to use, and the software is one of the most comprehensive identity verification tools available today. Features such as the identity help text provide employees with tips and operational best practices from sources including the US Treasury and the Federal Reserve.'
Bankers Systems will also release additional training products to augment the company's current anti-fraud training, including a Customer Identification Program Staff Training Toolkit, an on-line training module focusing on verification and identification, and Telephone/Internet training programs on fraud.
'All of these products continue our commitment to providing innovative and comprehensive solutions for compliance and business challenges facing financial services organizations,' said V. Joel Meyer, senior vice president at BSI. 'These solutions combine our compliance and operational experience to streamline processes and workflow for our customers and help curb the growing incidents of fraud and identity theft.'
Note for the editor:
Bankers Systems, Inc., established in 1952 and a Wolters Kluwer company, is a leading national provider of compliance resource solutions for financial institutions and their legal counsel. The company's lending, deposit, and IRA solutions are used by more than 12,000 financial institutions, including banks, credit unions, finance companies, mutual fund companies, and brokerage firms. Bankers Systems' software, documents, training, and support services help institutions be more productive, work more efficiently, and grow their businesses while they manage compliance risk. Bankers Systems is the sponsor of www.complianceheadquarters.com, a website designed to provide valuable compliance information and tools to financial industry professionals. Wolters Kluwer is a multinational information services company with annual revenues of more than EUR 3.8 billion, employing 20,000 people in Europe, North America, and Asia Pacific. The company's core activities are Legal, Tax & Business, Health, and Education. The Wolters Kluwer shares are quoted on the Euronext Amsterdam. Preliminary results will be announced in January 2003. The financial results for the year 2002 will be announced on March 11, 2003.
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