Policies and Procedures Manual for Red Flag Compliance
Question: What should our institution?s Policies and Procedures Manual include to meet the new Red Flag rule requirements?
Answer: The Red Flag Ruling requires a Board approved Policies and Procedures Manual. The manual should include, but is not limited to the following:
- Identification and Detection of Red Flags
- Prevention and Mitigation of ID Theft
- Red Flags Alerts, Notification and Warnings
- Altered or Forged Documents
- Suspicious Documents
- Suspicious Personal Identifying Information
- Unusual Use or Suspicious Activity
- Key Changes after Change of Address
- Updating the program
Secure Identity Systems is the only company in the U.S. that offers the end-to-end solution for Red Flag compliance including: Initial Risk Assessment, Policies and Procedures Manual, New Account Authentication, Change of Address Verification, Identity Theft Protection with fully managed recovery, On-site Staff Training, and an Anti-Phishing Program. For additional information, please call (615) 377-7661, or e-mail: bansley@secureidentitysystems.com.
First published on BankersOnline.com 9/22/08
print
share