By Jessica Pallay, Wall Street & Technology Online | October 07, 2003
October 1 brought more than the Autumn chill to Wall Street. It was also the deadline for Section 326 of the USA Patriot Act, requiring financial institutions to implement customer-identity-verification procedures for all new accounts.
After starting his career with Banc Agricol in Spain, Lazaro Campos joined SWIFT in 1987. Campos spoke with BS&T senior editor Ivan Schneider about business continuity, regulatory compliance, and know-your-customer regulations.
As technology advances-inevitably creating more risks for financial institutions, as well as creating new ways to control risk-banks are transforming traditional ways of preventing fraudulent activity and complying with legislation with improved software and better business objectives.