Software Helps Firms Comply With Patriot Act

Share this content:
Bottomline Technologies, a developer of financial services software, debuted an application module yesterday that the company said helps organizations avoid fines of up to $1 million incurred for violations of the USA Patriot Act.


The Patriot Act, which bars organizations from doing business with known terrorists, takes effect tomorrow. Bottomline Technologies said its WebSeries OFAC automatically matches an organization's transactions against a list of terrorists and terrorist organizations published by the Office of Foreign Asset Control, or OFAC. The Web-based software automatically flags any suspicious transactions or payments and provides an audit trail of each transaction.


The WebSeries OFAC compliance system automatically tracks all types of transactions at the enterprise level, including Fedwire, SWIFT and Automated Clearing House electronic payments. While most financial institutions only check their Fedwire and SWIFT payments against OFAC, WebSeries OFAC lets them also check transactions against checks and ACH payments.


Loading links....
close

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here