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As the first line of defense against the cowards who reek their fanaticism against free nations, Congress passed and President George W. Bush signed into law The USA Patriot Act of 2001.
One aspect of The USA Patriot Act requires financial institutions to match their existing and potential customers against the Office of Foreign Control (OFAC) list of suspected terrorists entities and individuals and other "watch lists". Customer identification programs are now required of virtually all US. financial institutions including banks, mutual funds, credit unions and securities dealers. This also includes anyone involved in cash transactions over $10,000.00. The key to compliance with this law is to “know your customer.”
Section 326 of the USA Patriot Act, in summary, calls for the following:
- Verifying the identity of any person seeking to open an account, to the extent reasonable and practicable;
- Maintaining records of the information used to verify the person’s identity, including name, address, and other identifying information; and
- Determining whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.
What does this mean?
- All Financial Institutions must have a Policy (Customer Identification Program) detailing its Identity Verification Program.
- All new accounts need to be screened against the OFAC, and other published lists of suspected terrorists and terrorist organizations.
- Any documents used to identify the new account holder, such as, drivers license, passport, social security card, etc., need to be verified against a third party database to determine that the identity is valid to extent reasonable and practicable.
A database of all accounts needs to be maintained that includes the account name, date of account opening, identifying information presented, and the items used to verify the identity. This information needs to be time and date stamped and maintained for 5 years following the closure of the account.
To help you meet these new requirements, we now offer GlobalScanTM as our USA PATRIOT ACT conforming search, which quickly searches all the following databases:
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Sex Offender National Registry
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The National Sex Offender web sites listed below are provided as a community service and are informational only. This data without the actual court file is NOT compliant for employment suitability evaluation.
 The various states and their Department’s of Justice have not considered or assessed the specific risk that any convicted sex offender displayed on this web site will commit. Much of the information is gathered from persons who are required to register as sex offenders and to provide, at least once a year, their addresses and other information to local law enforcement. Because information can change quickly, and there may be gaps in data received, the various State Departments of Justice or Public Safety make no representation, either express or implied, that the information on this site is complete or accurate. None of the states represented in these web sites, nor HIRE-SAFE, shall be held responsible for any errors or omissions on the state web sites or produced by secondary dissemination of this information.
Extreme care must be taken in the use of information because mistaken identification may occur when relying solely upon name, age and address to identify individuals.
The information on this web site is made available solely to protect the public. Anyone who uses this information to commit a crime or to harass an offender or his or her family is subject to criminal prosecution and civil liability.
California Employers: BEWARE of Sex Offender lists for hiring!
How to Protect Yourself and Your Family
Facts about Sex Offenders Frequently Asked Questions
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OFAC Specially Designated Nationals (SDN) & Blocked Persons
OAC Sanctioned Countries, including Major Cities & Ports
Noncooperative Countries and Territories
Department of State Trade Control (DTC) Debarred Parties
US. Bureau of Industry & Security (formerly BXA)
FBI Most Wanted Terrorists & Seeking Information
FBI Top Ten Most Wanted
INTERPOL Most Wanted List
Bank of England Sanctions List
OSFI - Canadian Sanctions List
United Nations Consolidated Sanctions List
Politically Exposed Persons List
European Union Terrorism List
World Bank Ineligible Firms