Regulatory Compliance

Looking for a partner who understands compliance?

CSI is a trusted advisor in the regtech industry, providing regulatory compliance software and services to thousands of customers worldwide. Our solutions help keep your business compliant with today’s top federal regulations, including OFAC, USA PATRIOT Act, FinCEN, Gramm-Leach-Bliley Act, BSA AML and many more.

USA PATRIOT Act Regulations

On Oct. 26, 2001, Congress passed the USA PATRIOT Act to respond to the terrorist acts of 9/11. Its name literally means “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism,” and it applies to the U.S. Treasury’s very broad definition of financial institutions.

How to Meet USA PATRIOT Act Compliance Requirements

Section 326 of the act strengthens the Bank Secrecy Act (BSA) by requiring that all financial institutions implement a Customer Identification Program (CIP) to reasonably and practicably verify the identity of customers who are opening accounts.

Patriot Act compliance for businesses requires CIP programs to:

  • Verify the identity of any person seeking to open an account using documentary and non-documentary verification
  • Maintain records of that CIP verification process for five years after the account is closed
  • Compare the customer’s name against the government’s list of known or suspected terrorists
  • Provide customers with adequate notice of the requirements for customer identification

The U.S. Treasury Department considers Section 326’s customer identification and record-keeping requirements as vital tools in its fight against such criminal enterprises as terrorism and the growing threat from identity theft. Financial institutions play a significant role in that fight through CIP compliance and Patriot Act compliance for businesses.

CSI’s CIP Software for Patriot Act Compliance

Let CSI help you meet Patriot Act requirements and Red Flags Rules compliance with our CIP software. Contact us today to find out how our solution can help.

Once we were comfortable, we flipped the switch over a weekend and began officially using Elite. It was very easy. The CSI team that we worked with was pretty awesome. It did not take very long to get spun up on Elite.

Heather Sawle
HomeStreet Bank, Associate Vice President

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