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Money Laundering, Fraud Detection Rules Will Affect Lenders.
With the country's new awareness about terrorists since 9/11 and the federal government's continued effort to prevent U.S. financial institutions, including mortgage lenders, from inadvertently providing any funds to such parties, a new federal measure has been proposed.
Currently proposed Section 326 to the Patriot Act would require financial institutions to have a program in place to identify and verify credit applicants to ensure that financial institutions do not extend credit to known terrorists, drug traffickers or money launders.
The new proposed regulation would also require credit grantors to maintain records of such verification processes and compare applicants with government lists.
Shaun Hassett, manager of strategic alliances at TFP (formerly Thomson Financial Publishing), said regarding the proposed regulation, "It is supposed to go into effect Oct. 25 (2002) and the final form of that hasn't been publicly released and probably won't be from regulators until that date. TFP is a New York-based division of the Thomson Corp., which also owns this newspaper,
"Actually, under the Office of Foreign Asset Control, such regulations are already in place. This new regulation punctuates the need to do checking as part of the identity verification process."
Credit grantors that fail to comply with OFAC regulations can be liable for both criminal and civil penalties. These penalties can include criminal fines up to $10 million and civil fines up to $1 million per violation.
TFP, a provider of data and software solutions for financial and corporate institutions worldwide, recently partnered with Chicago-based TransUnion to create an identity verification tool for credit grantors called TransUnion OFAC Advisor.
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Source: HighBeam Research, Money Laundering, Fraud Detection Rules Will Affect Lenders.