Compliance

How GIACT Approaches Risk Management & OFAC Compliance
Compliance
How GIACT Approaches Risk Management & OFAC Compliance

When the United States implements sanctions against a country or a group of individuals, domestic companies are required not to do business with the bad actors. From narcotic traffickers to suspected terrorists, belligerent states to authoritarian governments, there are many individuals and groups that companies are barred from dealing with.

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GIACT® Announces Automated OFAC Monitoring Product
Compliance
GIACT® Announces Automated OFAC Monitoring Product

GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of gOFAC Monitoring – GIACT’s new OFAC compliance solution that eliminates false positives and accelerates compliance processing.

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FinCEN’s Beneficial Ownership Rule Still Causing Headaches for FIs
Compliance
FinCEN’s Beneficial Ownership Rule Still Causing Headaches for FIs

On May 11, 2018, financial institutions opening new accounts were required to implement greater due diligence on their customers than ever before. By law, as issued by the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), FIs must now collect and verify the identity of their legal entity customers’ beneficial owners. The potential cost, according to FinCEN estimates, to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.

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Are you Prepared for Beneficial Ownership?
Compliance
Are you Prepared for Beneficial Ownership?

On May 11, 2018, a new FinCEN rule went into effect requiring financial institutions to implement greater due diligence on their legal entity customers than previously. FinCEN’s beneficial ownership rule impacts virtually any FI with legal entity customers. According to FinCEN estimates, the potential cost to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.

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GIACT Launches Digital Platform to Address Upcoming FinCEN Rule on Beneficial Ownership, Impacting Financial Institutions
Compliance
GIACT Launches Digital Platform to Address Upcoming FinCEN Rule on Beneficial Ownership, Impacting Financial Institutions

Dallas, Texas – GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of Beneficial ID™ – a comprehensive digital platform built to directly address the Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury ruling requiring additional Customer Due Diligence (CDD) on financial institutions’ legal entity customers’ beneficial ownership. Beneficial ID is the first all-in-one digital solution to provide beneficial ownership information collection and KYC, OFAC verification.

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