Financial institutions are faced with increased demands to comply with government regulations. The USA PATRIOT Act, Sarbanes-Oxley Act, and Gramm-Leach-Bliley Act are examples of regulatory mandates requiring action. Many organizations may feel overwhelmed by the perceived workload. However, they will find that utilizing the latest compliance technology makes the job manageable.

Summary of Compliance Technology

Financial institutions must incorporate written policies, data collection, monitoring, and reporting into their program. Software solutions are available for documentation, testing, and tracking of data. Web-based programs link many tools that provide security. A particularly valuable tool available is ID verification which requires only an internet browser to crosscheck more that 23 billion data records. This allows the highest level of access to private and public records.

Enhancements are continually added to compliance technology to improve performance. Speed is a priority for most programs. These programs are capable of verifying an identity within seconds and delivering a recommendation. Integration with other tools is a benefit which saves time and money. The need for paper files is almost non-existent with web-based compliance programs.

Another web-based tool is background checking which helps financial institutions to reduce fraud and increase efficiency. This compliance technology may be used to check customers and employees. It delivers instantaneous reports with the extent of details requested by the user. Basic reports may include only name, address, and date of birth. Complete reports could include motor vehicle records, internet domains, criminal convictions, and voter registrations.