Preventing terrorism through compliance

Today's companies are constantly challenged by changes to their regulatory environment. One such critical change which has affected companies is the passing of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, aka the USA PATRIOT Act. This act requires that companies need to verify:

Customer profiles

Entities opening commercial accounts are legitimate businesses;

Business names, addresses, and other identifying data are complete, accurate, and up-to-date; and

In compliance with the Office of Foreign Asset Control ("OFAC"), customer names do not appear on lists of known or suspected terrorists.

Companies that fail to perform and document their verification of such data may face financial risk, regulatory penalties, and damage to their reputations. Using a risk-based approach, Amper's professionals are experienced in assisting clients' design controls that enable them to be in compliance with the provisions of the USA PATRIOT Act.

Contact: Scott Mahoney and Ron Murad