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.
As financial institutions scramble to comply with the federal government's Oct. 1 deadline for implementing strict customer-identification procedures, they're looking for technology to scour transactions for patterns of fraud.
Thanks to deployment of technologies such as data warehouses and analytical tools, banks pursuing business intelligence strategies are reaping benefits in terms of greater profitability, improved service and stricter regulatory compliance.