Critical to any financial institution’s Anti-Money Laundering & Compliance Program is an effective Know Your Customer (“KYC”) and Enhanced Due Diligence (“EDD”) process. Section 326 of the USA PATRIOT Act requires financial institutions to verify the identity of a customer in connection with the opening of accounts. It requires financial institutions to apply a "risk based approach" when seeking to verify customer-provided information.

Safe Banking Systems understands the immediacy of identifying the highest risk entities and PEPs especially when scanning very large databases. Financial institutions often spend valuable time and resources investigating irrelevant alerts at the risk of delaying or even missing identification of the more relevant and highest risk entities and PEPs. Utilizing the SAFE Exposure Index® and other data analysis tools, SBS applies years of experience to help financial institutions expedite this process.

The service has proven especially valuable to those institutions wishing to proactively validate their AML program, anticipate regulatory changes or conduct due diligence for a potential merger/acquisition.