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#29355 - 08/26/02 03:24 PM USA Patriot Act
Nanwa Offline
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Nanwa
Joined: Oct 2001
Posts: 5,564
Clintonville, WI, USA
When a new account is opened, we run the person thru Chex Systems, to find anyone whose account we must freeze. If the customer comes back next week or in several months, do we need to run the check again? We keep records to show we ran the initial check.
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#29356 - 08/26/02 03:46 PM Re: USA Patriot Act
Andy_Z Offline
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Andy_Z
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Because the lists (OFAC/Control) change, you'll need to run the customer's names thru a database check quarterly or on some other policy approved schedule. Established customers don't need to be checked each time they do something.
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#29357 - 08/26/02 03:54 PM Re: USA Patriot Act
SJB Offline
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SJB
Joined: Jun 2002
Posts: 1,210
California
We also use Chexsystem at opening and then do a full client list check annually.
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#29358 - 08/26/02 05:05 PM Re: USA Patriot Act
RVFlyboy Offline
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RVFlyboy
Joined: Oct 2000
Posts: 5,983
Soaring over Georgia
I recommend doing a full check of your customer base each time the OFAC list changes (but especially when names are added to the OFAC list). Otherwise, you might have a customer that opened an account 6 months ago and everything was fine, but today you might be required to freeze their account and report it to OFAC. If you're only checking annually, you could be at significant risk.
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#29359 - 08/26/02 05:45 PM Re: USA Patriot Act
Gotwood Offline
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Joined: May 2001
Posts: 715
I agree. We are concerned that someone with an existing account will show up on the list. We use ChexSystems @ acct. opening and run the OFAC the day we receive it.

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#29360 - 08/26/02 07:49 PM Re: USA Patriot Act
Nanwa Offline
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Nanwa
Joined: Oct 2001
Posts: 5,564
Clintonville, WI, USA
Have all of your banks purchased software to scan your database? Any suggestions for a small $100 million bank? We really watch our pennies, so we are looking for the most cost effective method available.
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#29361 - 08/26/02 07:59 PM Re: USA Patriot Act
Andy_Z Offline
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Andy_Z
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Some systems are less expensive than others and still of acceptable quality. Shop around. We also have deep pockets and short arms. We went with Bridger. An automated system is 99% a must because it is cost effective.
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My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#29362 - 08/27/02 04:04 PM Re: USA Patriot Act
teresa Offline
Member
teresa
Joined: May 2002
Posts: 91
Maryland
We also use Bridger and have found it to be both easy and economical.

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#29363 - 08/27/02 04:22 PM Re: USA Patriot Act
Lestie G Offline

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Joined: May 2002
Posts: 3,607
Near the Land of Enchantment
We just recently purchased Attus WatchDog, and we've been very pleased with it so far. It was very reasonably priced, simple to use, fast, and produces good reports. They worked with our core processor to build the file definition for checking our entire database, so we didn't have to mess with that.
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