Certegy releases anti-money laundering package

Certegy releases anti-money laundering package

Georgia-based payments processor Certegy has launched Patriot Guard, an anti-money laundering package designed to help financial firms comply with the USA Patriot Act.

Section 326 of the USA Patriot Act becomes mandatory in October 2003 and requires financial firms to verify the identity of any person opening an account, to maintain records of the information used and to screen applicants against lists of known or suspected terrorists.

Patriot Guard is a Web-based system that provides firms with a framework for developing and administering a customer identification programme (CIP), documentation and recordkeeping requirements, data storage and retrieval. The product provides password-protected access to over 16 billion records for identity verification.

Certegy says the system can also be used by banks and credit unions to comply with Office of Foreign Assets Control (OFAC) regulations and to reduce the risk of identity theft.

Jerry Hines, senior vice president and group executive, Certegy Card Services, adds: "Patriot Guard provides financial institutions with a comprehensive, cost effective solution that can be implemented within two business days."

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