Anti-crimes financial network
View Patent ↗A computerized system is established through a network to help business organizations conduct and manage their businesses with anti-financial crimes provisions according to the government regulations and laws, e.g., the Bank Secrecy and the USA PATRIOT Act, and to enable financial institutions to monitor and manage these business organizations with confidence in compliance with the regulatory requirements and applicable laws.
1. A computer readable medium tangibly storing a computer program for a financial institution and its business client to facilitate compliance with regulatory requirements and applicable laws, the medium comprising:
code to receive from the business client transactional information corresponding to a financial instrument, identification information of a customer of both the business client and a transaction, and identification information of a beneficiary of the transaction, the financial instrument being associated with the customer;
code to detect a suspicious activity based on the transactional information, the identification information of the customer of the transaction, and the identification information of the beneficiary of the transaction;
code to require the business client to decide whether to file a regulatory report based on the detected suspicious activity;
code to require the business client to provide a reason for not filing when the business client decides not to file the regulatory report;
code to assign a certification code for the financial instrument in response to receiving an indication from the business client of an intent to file the report or the reason for not filing, the certification code and the financial instrument being submitted to the financial institution by the business client, the certification code indicating that the corresponding transaction has been fully examined and monitored in accordance with regulator requirement and applicable laws; and
code to verify validity of the certification code when the financial institution processes the financial instrument.