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Fresh sanctions are putting a renewed emphasis on the need for organizations to orchestrate compliance and due diligence effectively. To date, the outcomes of these efforts have been varied – many organizations lack access to the breadth and depth of data required to properly vet consumers and businesses, or don’t have the integrations in place to do so in real time.
GIACT’s new report, Nacha’s 2021 Account Validation Rule: A Push for Stronger Anti-Fraud Solutions, details the potential challenges facing WEB debit payment originators as the new Nacha rule requiring proper account validation became effective on March 19, 2021.
stems, LLC (“GIACT”), an industry leader in digital identity, payments verification and fraud prevention.
GIACT’s new report, Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners, provides clarity around the collection and verification requirements of beneficial ownership.
The battle against fraudsters in the digital era has evolved into a never-ending arms race. The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade.
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.
Identity verification solutions provider GIACT Systems has announced the launch of gOFAC Monitoring, a new Office of Foreign Assets Control (OFAC) compliance solution to eliminate false positives and boost compliance processing.
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.
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.
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.