USA Patriot Act-OFAC

USA PATRIOT is an acronym for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism. This law (now called Public Law # 107-56) was signed into effect by President George W. Bush on October 26, 2001. It is intended to strike at the terrorists and their ability to conduct business within the United States of America. Compliance was required by October 25, 2003.¬†Oplogic’s Kiosk offers instant compliance, with no requirement for integration into your IT infrastructure.

What are the requirements of this law? Under a key element of the law, all institutions are required to implement reasonable and practical procedures for:

      • Verifying the identity of a person seeking to open an account, place a deposit or obtain a loan/credit.
      • Maintaining records of the information used to verify the person’s identity.
      • Determining whether the person appears on any list of known or suspected terrorists or terrorist organizations. (OFAC List)

Oplogic’s Kiosk offers instant compliance via:

      • Authenticating the information on a piece of government identification.
      • Capturing the image of the identification used and archiving the data for future instantaneous access
      • Querying lists of known and suspected terrorists, terrorist organizations and money launderers.

Who must be compliant? The list of what constitutes an institution that must be compliant includes the following:

      • Financial institutions such as banks and credit unions
      • Lending and credit institutions
      • Automobile, Boat and RV dealerships
      • Financial brokerages
      • Any institution where accounts are opened and money is handled.

How do I affordably achieve instant compliance?

Oplogic’s Kiosk offers instant compliance with a simple, an easy to use process that does not require integration into your existing systems. The kiosk can stand alone and offer you the peace of mind of compliance with the USA Patriot Act, as well as significantly reducing the opportunity for identity theft and fraud to threaten your profits. Oplogic simply “secures your future”.

Penalties for non-compliance:

      • Failure to comply with the USA Patriot Act regulations may result in individual and/or corporate penalties. As with any law, lack of knowledge about the requirements of the USA Patriot Act is not a defense for failure to comply. Penalties could include:
        • Fines of up to $10 million per count against corporations and $5 million against individuals.
        • 30 Years Imprisonment.
        • Civil penalties up to $1 million per incident

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