Description
The D&B USA PATRIOT Act Compliance Web Service provides a risk score, up to date contact information, and other risk analysis data for any company wishing to obtain USA PATRIOT Act and Office of Foreign Asset Control compliance. This data is accessible via an easy to integrate XML-based Web service API.
The "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism" Act, known as USA PATRIOT Act was signed into law in 2001. It has also been used to detect and prosecute other alleged potential crimes, such as providing false information on terrorism.
The Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. U.S. citizens and residents are prohibited from doing business with any company or individual shown on OFAC’s Specially Designated Nationals list.
In today’s complex regulatory landscape, companies and financial institutions need a single, integrated, and efficient method to help demonstrate and document that the organizations they do business with are legitimate, truthful, and law-abiding. Requirements set out in the USA PATRIOT Act call upon companies to verify that:
- Customers are who they say they are
- Entities opening commercial accounts are legitimate
businesses
- Business names, addresses, and other identifying
data are complete, accurate, and up to date
- Customer names do not appear on lists of
known or suspected terrorists or money-launderers
The D&B USA PATRIOT Act Compliance Web Service offers
the comprehensive and easily integrated approach
that companies need to meet today’s regulatory
requirements with efficiency and confidence, enabling you to:
- Authenticate and verify the identity of all
customers
- Enhance the depth and accuracy of information to help build a detailed profile of each customer, including legal name, current address, and various risk scores.
- Minimize the risk of non-compliance.
Features
The Verification Process
- Matching
Through a patented entity-matching process, customer records are initially matched against the D&B global database of approximately 100 million businesses. This is enables the risk score and risk index to be returned. Because compliance matching supports customer identification, only the highest confidence matches are accepted.
- Business Authentication
Next, with the appropriate entities identified, relevant
demographic information, such as the D-U-N-S® Number,
primary company name, and address are appended to further authenticate the identity of each business.
Each D&B record is examined for third party
corroboration of legitimacy. Entities with pre-existing
business relationships provide a secondary avenue for
non-documentary identity verification. The “Proof of Right”
count provides the number of third-party corroborations
for each account.
Benefits
D&B’s USA PATRIOT Act Compliance Web Service can be integrated into your existing systems to simultaneously minimize
uncertainty, mitigate risk, and generate convenient
documentation for audit purposes.
- Provides required customer identification data and
risk indicators.
- Allows for government control-list screening to occur in parallel with risk
assessment and business verification.
- Companies and entities matched to the D&B database receive a
Compliance Risk Index score: a numeric value that represents
an aggregation of weighted risk flags. The Compliance Risk
Index and Risk Class help you quickly segment accounts and
determine when enhanced due diligence is warranted.
- Minimizes the risk of penalties imposed by the U.S. Government for non-compliance.
DataSource
D&B
Related Services
Get even more valuable information with the following D&B Web services:
Support Site
http://www.strikeiron.com/support/support_overview.aspx
Support Email
support@strikeiron.com