Tools to Intercept and Obstruct Terrorism

The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 is more commonly known as the Patriot Act. The main objective of this act is to prevent and punish instances of terrorism—including money laundering and other types of fraud—in the United States and all over the world. The Patriot Act enforces this goal by improving law enforcement techniques and allowing for a wider breadth of law enforcement communication strategies throughout the country.

Who Does This Affect?

The Patriot Act pertains to U.S. financial institutions, especially:

  • Retail and commercial banks
  • Stock exchanges
  • Insurance and investment agencies

The Act also targets organizations with a high risk for illegal financial transactions, including:

  • Pawn shops
  • Members of the gaming industry
  • Short-term money lenders and money transfer agents
  • Travel agencies and brokers
  • Dealers of precious metals and other high-value commodities

In general, the Patriot Act requires tighter record keeping from financial institutions and broader supervision over financial transactions and suspicious activity.

How Does EVS Help?

The Patriot Act enforces a number of account monitoring practices for financial institutions to ensure their due diligence in preventing illicit financial transactions. In short, financial institutions must “know their customers” in each of the following three ways:

  • By verifying personal information for new account openings
  • By preserving accurate records during this verification process
  • By monitoring government watch lists to make certain that their clients do not appear as suspected supporters of terrorism or fraud

EVS specializes in providing businesses with the data they need in order to comply with Patriot Act regulations. Our verification solutions can be incorporated as part of a larger Patriot Act compliance package and can help businesses avoid the hefty penalties associated with noncompliance. Through a single lookup, our clients can verify their customers' personal information, can document the verification process for auditing purposes, and can receive specific feedback to indicate whether or not their customers are on any government watch lists. One query—many results. It's the smart way to know your customer.

 



Experience

For over 15 years, EVS has provided a family of identity assurance products to help businesses combat identity theft, reduce cost, and satisfy compliance requirements.

Service

When you need assistance, you don't want to talk to a machine. We will be there to make sure your fraud prevention and compliance efforts remain on track.



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Reasons to Choose EVS

Value

Low monthly fee, low transaction rates, no set up fees and no minimums.

Simplicity

Access multiple functions with a single integrated transaction.

Flexibility

We’ve built IdentiFlo to adapt to your operational requirements, so you don't have to work around a platform.