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  5. Knowing Your Customer: A User's Guide to Section 326

Knowing Your Customer: A User's Guide to Section 326

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2003/09/23

Abstract

A new report by Celent examines the current state of know-your-customer (KYC) compliance at US financial institutions as well as the vendor solutions that can help institutions meet the new, heightened KYC requirements of Section 326.

In 2002, over US$850 billion in illicit funds were passed through financial institutions, and fraud and identity theft cost them over US$3 billion. Over the past decade, the triple threats of fraud, terrorism and money laundering have driven increased operational and regulatory pressure on firms to develop effective methods for managing customer risk. Moreover, financial institutions risk fines and damage to their reputations if they have harbored—even unwittingly—funds from terrorists, money-launderers, or politically proscribed entities.

In a new report, Knowing Your Customer: Solutions That Tackle Section 326 of the USA Patriot Act, Celent Communications analyzes the existing compliance environment of US financial institutions and addresses their preparedness for complying with the more robust customer identification program (CIP) called for by Section 326 of the USA PATRIOT ACT. The report also provides a close examination of 16 vendor solutions that have emerged to assist financial institutions with meeting the new—as well as old—compliance requirements. Some are focused on one specific compliance function, while others run the gamut to supply a full and comprehensive solution.

"KYC-related compliance has long been required of banks and, as a result, banks have procedures and solutions already in place," comments Ariana-Michele Moore, co-author of the report. "However, with the release of the USA Patriot Act’s CIP rules, not only brokerages and insurance firms, but also many banks are finding it necessary to enhancing their existing protocols."

Vendors included in this study are: Americas Software, Attus Technologies, Bankers Systems, Bridger Systems, ChoicePoint, eFunds (ChexSystems), Equifax, Experian, FircoSoft, LexisNexis, Primary Payment Systems, Prime Associates, Regulatory DataCorp (RDC), Thomson Financial Publishing, World-Check and WorldCompliance.

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