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Category: Compliance

OFAC Verifications: Protect Your Business

  Sanction compliance is essential for any business that deals with currency or financial transactions. One of the most important regulations is the Office of Foreign Assets Control (OFAC), which govern financial transactions involving individuals and organizations from countries that are subject to sanctions and embargoes. To help businesses stay compliant with OFAC regulations, Lyons […]

U.S. War on COVID-19 Fraud

COVID-19 (Coronavirus) fraud has been a growing concern to both government and business. New fraud tactics have targeted unemployment and COVID-19 economic relief funds. Find out the challenges of the U.S. War on COVID-19 fraud and how organizations can protect themselves.

NACHA Upcoming Changes for Online ACH Transactions

In early 2021, NACHA will be changing compliance standards for routing number and account verification used for internet payments (WEB debits). The current iteration of the WEB Debit Account Validation Rule (Article Two, Subsection 2.5.17.4) states that originators of WEB debit entries must use a “commercially reasonable fraudulent transaction detection system” to screen for fraud. […]

Red Flags Rule Compliance Part 2: Framework for a Compliant Program

In an earlier blog post, we covered the basics of the FTC’s Red Flags Rule – which requires certain types of businesses and financial organizations create an Identity Theft Prevention Program designed to detect the “red flags” (i.e. signs indicative of potential identity theft activity) unique to their day-to-day operations. Since every business deals with […]

Red Flags Rule Compliance Part 1: What’s a Red Flag & Who Needs to Know

The “Red Flags Rule” is a set of regulatory requirements outlined in the Fair and Accurate Credit Transactions Act (FACTA) and enforced by the Federal Trade Commission. Essentially, the rule requires businesses to protect themselves and their customers against identity theft by defining “red flags” (i.e. any suspicious account activity, informational inconsistencies, or other signals […]

Balancing Customer Service & KYC Authentication Requirements

KYC, or “Know Your Customer,” refers to the due diligence processes used to verify customers’ identities. KYC is completed not only when a company is first introduced to a customer, but also during various times throughout the customer/company relationship. Financial institutions use various KYC strategies as part of their required effort to ensure that none […]

How to Stay OFAC Compliant

The Office of Foreign Assets Control, or OFAC, is a financial intelligence and enforcement agency within the U.S. Department of Treasury’s Terrorism and Financial Intelligence division (TFI). It administers trade and economic sanctions against organizations and individuals identified as a threat to the national security, economy, and foreign policy of the United States. In conjunction […]

Managing Risk in E-commerce with Routing Verification

Bank or ABA routing numbers are important in e-commerce risk management. Verifying routing numbers helps ensure that the right information is used for the right account in addition to helping make sure you get paid the first time you run the account numbers.

KYC Strategies to Prevent Fraud

For financial institutions, KYC compliance is a must. Failure to comply can have dire consequences, such as hefty fines, sanctions and negative publicity. Here are a few things you can do to safeguard your business from potential fraud and financial loss.