The financial industry deals with frequently changing rules and regulations, making compliance solutions necessary. The terrible events of September 11, 2001, have created an urgency to "know your customer" in order to prevent terrorism and identity theft. Mandates from the USA PATRIOT Act and OFAC require banks and other financial institutions to comply with new regulations. While this may seem to be an overwhelming task, excellent compliance solutions are available.

Examples of Compliance Solutions

For USA PATRIOT Act requirements, software and web-based programs are available to scan client databases against watch lists and report matches. Other programs store transaction records, verify identities, and outline Customer Identification Programs. Automated systems are available with expandable capabilities. For instance, a watch list program may expand to include the OFAC SDN List and Blocked Countries List.

Most compliance solutions include detailed training and offer 24 hour implementation. Some other advantages of current technology are the ability to have unlimited users, the ability to customize programs, and the ability to provide reliable data protection. Many of the programs completely eliminate the need for paper files. For web-based programs, only an internet browser is needed. Purchase of additional computer hardware is usually unnecessary.

One of the most important compliance solutions is to establish a company culture that embraces these new requirements as a positive step towards eliminating terrorism and identity theft. The commitment to make compliance an ongoing process should come from upper management. Their example will encourage every employee to adopt an attitude of responsibility and integrity.