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USA Patriot Act/Patriot Act Compliant Background Screening

 

Following 9/11, the US signed into enactment -  The USA Patriot Act of 2001  to strengthen and support Homeland Security to combat terrorism within the United States.

One aspect of the USA Patriot Act requires financial institutions to match their existing and potential customers against the Office of Foreign Control (OFAC) list of suspected terrorists entities and individuals and other "watch lists". Homeland Security now requires customer identification programs are now required of virtually all US. financial institutions including banks, mutual funds, credit unions and securities dealers. This also includes anyone involved in cash transactions over $10,000.00. The key to compliance with this law is to “know your customer.”

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More about the Patriot Act

Section 326 of the USA Patriot Act, in summary, calls for the following:

  1. Verifying the identity of any person seeking to open an account, to the extent reasonable and practicable;
  2. Maintaining records of the information used to verify the person’s identity, including name, address, and other identifying information; and
  3. Determining whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.

What does this mean for financial institutions?

  • 1. All Financial Institutions must have a Policy (Customer Identification Program) detailing its Identity Verification Program.
  • 2. All new accounts need to be screened against the OFAC, and other published lists of suspected terrorists and terrorist organizations.
  • 3. Any documents used to identify the new account holder, such as, drivers license, passport, social security card, etc., need to be verified against a third party database to determine that the identity is valid to extent reasonable and practicable.
  • 4. A database of all accounts needs to be maintained that includes the account name, date of account opening, identifying information presented, and the items used to verify the identity. This information needs to be time and date stamped and maintained for 5 years following the closure of the account.

    Our USA Patriot Act / Homeland Security conforming search will quickly search all the following databases:

  • Office of Foreign Asset Control (OFAC)
  • Blocked Persons List
  • ATF Most Wanted
  • Specially Designated Nationals (SDN)
  • Department of State Trade Control (DTC) Debarred Parties
  • US. Bureau of Industry & Security (formerly BXA)United We Stand
  • Unverified Entities List
  • Denied Entities List
  • Denied Persons List
  • Foreign National Alert List
  • European Union (EU) Credit Sector Federation Consolidated List
  • Excluded Parties List
  • Federal Deposit Insurance Corporation (FDIC) Fraud List
  • Health & Human Resources Exclusion List
  • National Credit Union Administration (NCUA) Alert
  • FBI Most Wanted Terrorists & Seeking Information
  • FBI Top Ten Most Wanted
  • FBI Domestic Terrorist Threats
  • FBI Criminal Enterprize
  • FBI Cyber Crimes
  • FBI Crimes Against Children
  • FBI White Collar Crime
  • FBI Violent Offenders
  • INTERPOL Most Wanted List
  • Bank of England Sanctions List
  • OSFI - Canadian Sanctions List
  • United Nations Consolidated Sanctions List
  • Politically Exposed Persons List
  • European Union Terrorism List
  • World Bank Ineligible Firms
  • Office of Thrift Supervision (OTS) Enforcement Actions List
  • US Secret Service Most Wanted
  • Terrorism Knowledge Database
  • US Immigration Customs Enforcement (ICE) Most Wanted Criminals & Fugitives
  • US Marshal Service Most Wanted Criminals & Fugitives



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