PATRIOT Act inspires new products. (Technology Notes).New regulations under the USA PATRIOT Act USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorists], 2001, U.S. are forcing insurers to tackle issues related to money laundering and terrorist financing within the industry. Several new products, including the following, have been launched to help stop money laundering by helping companies to identify customers: * LIMRA LIMRA Life Insurance and Market Research Association (now LIMRA International, Inc.) has launched a new anti-money laundering training program that it says is a fast, easy way for insurance companies to meet the training requirements of the USA PATRIOT Act. The Web-based program includes lessons on what are the common red flags that indicate possible money laundering. * Searchspace, a software company, said it has extended its anti-money-laundering software to include an offering that addresses the needs of the insurance industry. * MIB (1) (Management Information Base) The hierarchical database used by the simple network management protocol (SNMP) to describe the particular device being monitored. MIB objects are identified using ASN.1 syntax. See SNMP, RMON, OID and ASN.1. Group Inc. said it has a sales and marketing agreement with Prime Associates Inc. to sell an enhanced version of Prime's Office of Foreign Assets Control The Office of Foreign Assets Control (OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U. Reporter to the North American insurance and annuity market. * American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and and LexisNexis said they've formed an alliance to offer a new service IDPoint, which will help banks verify the identity of all new customers, and determine if a customer is on any list of known or suspected terrorists. * Cap Gemini Ernst & Young has developed a money laundering detection and prevention software with Norkom Technologies. |
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