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SOX and Compliance
The Bank Secrecy Act authorizes the Treasury Department to require financial institutions to maintain records of personal financial transactions that "have a high degree of usefulness in criminal, tax and regulatory investigations and proceedings." It also authorizes the Treasury Department to require any financial institution to report any "suspicious transaction relevant to a possible violation of law or regulation." These reports, called "Suspicious Activity Reports" are filed with the Treasury Department's Financial Crimes Enforcement Network ("FinCEN").
The new section 103.121 (Section 326 of the USA PATRIOT Act. ) of the Bank Secrecy Act regulations requires that financial institutions:
  • implement a written risk-based customer identification program
  • maintain records, including customer information and methods, used to verify customers' identities; and
  • Compare the names of new customers against government lists of known or suspected terrorists or terrorist organizations when such lists are provided by their federal regulator.

Sure IT Solutions provides compliance solutions for the USA PATRIOT Act, the Bank Secrecy Act, OFAC and enhanced due diligence legislation requirements for financial institutions. Our products and services include:
Compliance Solution: This provides the Customer Identification Program and due diligence compliance that includes Know Your Customer and other functions such as:
  • Customer Identity Verification
  • Customer History Maintenance that includes customer relationship management
  • Rule based and Intelligent Customer Risk Modeling & Assessment
  • Customer Credit scoring
  • Exception reporting
  • Checks against OFAC and FinCEN databases

AML solution: This product provides the Anti-Money Laundering functions that are rules-based and intelligent detection of suspicious activity detection, automatic SAR report generation and querying management capability and user generated reporting functions. This product is completely customizable based on client needs regardless of their size and geographical operating region.
As part of our service we provide latest Regulatory Compliance Forms and alert our clients in cases of any regulatory changes and recommend solutions to comply with them.

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SOX compliance is being enforced by the Feds.