Cypress Software Systems LP today introduced the Red Flag/Patriot Act/OFAC Compliance Module for its Mark IV consumer lending software.
The new offering gives financial institutions necessary checks and balances during the loan underwriting process to prevent and report fraudulent and terror-related activities.
The new module also gives Cypress Software clients the peace-of-mind that they can quickly and easily demonstrate their compliance efforts and results, should bank examiners request proof.
During the loan application process, the module "scrubs" every piece of information to provide true, comprehensive homeland security requirements. The system automatically performs several tasks, including:
- Verifying the identity of each applicant as stated under Section 326 of the USA PATRIOT Act.
- Checking applicants' names against the latest Office of Foreign Assets Control (OFAC) lists.
- Combating identity theft by complying with the Red Flag Rules as outlined in the Fair and Accurate Credit Transactions Act (FACTA).
"This new module is an important step to further protecting our clients against fraudulent and terror-related activities, while enhancing their overall credit risk management," said Steve Croft, senior vice president of Cypress Software Systems. "Scams like identity theft are growing concerns for financial institutions and consumers alike, and this module, combined with our automated lending software, gives them added protection against increasingly sophisticated fraud techniques."