Goldleaf - Products: IdentificationManager

Overview

Patriot Act Requirements

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Do you really know who is opening accounts at your bank?

Overview

Identity fraud costs billions in losses each year. Now that compliance with the USA Patriot Act Section 326 has become mandatory, financial institutions are proactively going beyond validation (which simply confirms that a social security number or a driver's license number could have been issued) to identity verification (which matches the information presented to authenticate the true identity of an individual). Manual solutions do not allow banks' frontline employees to maintain efficiency or desired service levels.

IdentificationManager™ is a secure Internet-based system that enables banks to meet all of the USA Patriot Act Section 326 requirements for financial institutions. After cross checking an individual's name, address, date of birth and social security number through IdentificationManager, you gain increased assurance that the information provided to your bank by a potential customer is valid and accurate. In addition, you have access to an official record system that tracks and stores all account information that has been submitted, screened, and matched against more than 20 billion aggregated records.

Patriot Act Section 326 Requirements

Requirement

IdentificationManager's Solution

Verify the identity of all new customers.		Access more than 20 billion aggregated records to determine that the information is valid AND that it matches the individual's name, address and date of birth.
Check government lists for new and existing customers.		Perform free online searches with advanced matching technology to comply with all government watch lists, including Office of Foreign Assets Control (OFAC) and FinCEN 314a screenings.
Retain a record of account name, start date, and identifying information for five years after an account is closed.		Maintain electronic records in a secure, searchable database with robust reporting features at your fingertips.
Develop a written Customer Identification Program (CIP).		Receive a customizable CIP boilerplate with two hours of consulting.

Risks of Non-Compliance

	Increased fraud losses
	Monetary penalties as much as $25,000 or higher per day
	Costly litigation
	Discredited reputation

"Bankers who aren't sure how far they need to go in order to keep their institutions out of Patriot trouble, 326 or otherwise, should bear in mind that the OCC and other agencies will be prioritizing their attentions."

ABA Banking Journal, August 2003

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Clients

The following financial institutions must comply with Section 326 of the USA Patriot Act, which is designed to protect the U.S. financial system from money laundering, terrorist financing, identity theft and other fraud. IdentificationManager offers an easy and cost effective online solution for:

	Banks and Trust companies
	Savings Associations
	Credit Unions
	Securities brokers and dealers
	Mutual fund providers
	Futures commission merchants and futures introducing brokers

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Benefits

	Quick response time allows banks to maintain high service levels while making quality account decisions
	Verification process is transparent to the individual seeking an account
	Meets all four requirements of Section 326
	Eliminates the need for physical paper storage
	Useful in online transactions when the customer is unseen
	Simple to set up and use with an Internet browser
	Minimal training time for employees
	System is continually upgraded as new technologies are deployed

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Key Features

Instantly performs six checks on the information provided by an individual:

1.	Zip code matches the state.
2.	Last name matches the address.
3.	Social security number matches the first and last name.
4.	No Date Alert is associated with the social security number.
5.	Social security number does not belong to a deceased person.
6.	The individual is at least 18 years old.

Checks information against a compilation of more than 20 billion aggregated records

Screens data against OFAC and other lists of terrorist suspects

Does not use sensitive and restricted credit data as a source

Integrates easily with your bank's existing processes and other reporting systems (such as ChexSystems), eliminating duplication of effort

Maintains an electronic record of all account information submitted, screened, and matched

Allows you to "override" a failure and document the steps taken to resolve a disputed identity

Provides additional customized data checks to suit your needs

Provides business validations to screen the EIN

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Work Flow

To screen an individual...

To retrieve data in a report...

1.	Enter the individual's information in a Web form: first and last name, social security number, date of birth, and address (street and street number, city, state, zip). Additional custom data checks use the driver's license and telephone number.
2.	Receive a pass/fail response for the individual.
3.	Access the report from an online archive.

1.	Go to IdentificationManager's online Reports.
2.	Search available reports by date range or customer name.
3.	Review or print the original report summary, including the time, date, and bank employee's name.

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Affiliations

Goldleaf has partnered with ChexSystems®, a trusted banking services company, to integrate with IdentificationManager.

Getting Started

You can try it for free! Take a test drive now. To learn more about IdentificationManager, contact us at 800-235-5584, complete our online information request form, or

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