This is a product demonstration of PATRIOT OFFICER®, the number one BSA/AML/ATF/FACTA/ UIGEA compliance and fraud prevention solution from GlobalVision Systems used by nearly 1,000 financial institutions nationwide.
Following 9/11, all financial institutions are required to strictly comply with the Bank Secrecy Act, the USA PATRIOT Act and requirements from the Office of Foreign Assets Control and several other government agencies. The Federal Financial Institutions Examination Council (FFIEC) has officially published the BSA/AML Examination Manual which details regulatory requirements for financial institutions. Unfortunately, many financial institutions have received severe regulatory penalties due to their failure to comply with the BSA/AML Examination Manual.
Over the past 8 years, PATRIOT OFFICER® has become the de facto standard for passing BSA/AML examinations. It empowers credit unions to comply with the Bank Secrecy Act, USA PATRIOT Act, Anti-Money Laundering, Anti-Terrorist Financing, Customer Due Diligence, Enhanced Due Diligence, Identity Theft Red Flags, OFAC, PEP, and other related regulatory requirements.
GlobalVision is the largest independent BSA/AML/ATF solution provider in the US and is a privately-held company. It has 1,000 financial institution clients worldwide and more than 150 with over $1 billion in assets.
NAFCU members receive 20% off license fees.
"Patriot Officer has definitely improved our ability to monitor suspicious activity. With Patriot Officer, I am confident that our BSA/AML program is more efficient and reliable. The user friendly screens make navigating Patriot Officer a cinch. The support that we have received from Global Visions staff, from the sale of the product, to the implementation and now to the use of the product, has been very satisfying." -- Nancy Rice, Loss Prevention Manager, America's First Federal Credit Union(Core System: Fiserv Summit) "Patriot Officer is an exceptional system that provides a fully-automated process for BSA/AML compliance monitoring. We no longer rely on employee expertise. With our Risk Model established in Patriot Officer and an interface with our data processor, ALL suspicious activity is captured. After a quick review of the batch, a couple of clicks of the mouse, the CTR/SAR is done! Patriot Officer is efficient and accurate, making our jobs easier." -- Danene Abbott, Branch Operations Administrator, Fresno County Federal Credit Union (Core System: Fiserv XP) "Hughes FCU has been using Patriot Officer since June 2007 and we are very happy with the product and service. With a couple of hours on the phone and a little homework on our own, we can now submit a job to fully automate our BSA/AML Compliance responsibilities. I really feel that Patriot Officer will give us a step up when the auditors arrive." -- Carla Craig, Hughes Federal Credit Union (Core System: Fiserv XP)
The Snowden case highlights a serious problem for those financial institutions that use a third-party data center (i.e., the “cloud”) to store their data associated with Suspicious Activity Reports (SARs). As regulatory compliance professionals, we have learned a very important lesson from this case.
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