Innovative Systems, Inc., a provider of customer data integration solutions, announced the addition of Customer Identification Program (CIP) processing to its i/Lytics SECURE compliance solution. Expanding the product’s scope to include customer identity verification, in accordance with Section 326 of the USA PATRIOT Act, i/Lytics SECURE provides a comprehensive compliance solution for financial services organizations aiming to meet the regulation’s October 1, 2003 deadline.
In response to threats of terrorism and money laundering, many U.S. and international governmental bodies have passed legislation mandating customer screening, identity verification and anti-money laundering procedures. Chief among these new laws is the USA PATRIOT Act of 2001, which requires many U.S. organizations to screen customer records and transactions against complex government suspect lists. Section 326 of the USA PATRIOT Act further mandates that as of October 1, 2003, financial services organizations must also verify the identities of all new customers. i/Lytics SECURE is designed to overcome the operational difficulties in meeting these important compliance requirements, while at the same time ensuring the highest levels of accuracy, efficiency and confidence.
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