Christine Mclaughlin

US Patent:

7930228, Apr 19, 2011

Filed:

Jan 25, 2008

Appl. No.:

12/019964

Inventors:

Charles S. Hawkins - Solvang CA, US
Joseph Hill - Bear DE, US
Christine E. McLaughlin - Newark DE, US
Pamela A. Morris - Rutledge PA, US

International Classification:

G06Q 40/00

US Classification:

705 35, 705 1

Abstract:

Various methods for allowing a due diligence service provider to assist a financial institution with a regulatory or statutory compliance requirement are disclosed. The method may include receiving data from at least one recordkeeping system operatively associated with client accounts of the financial institution, wherein the account data include at least one account of a foreign financial institution; reviewing the account data to identify at least one foreign correspondent account which triggers at least one regulatory or statutory compliance requirement; eliminating account records not associated with a foreign financial institution; and, validating at least part of the account data by communicating a supplemental application to a client of the financial institution to determine applicability of the compliance requirement to the account data. Also, if it is determined that the compliance requirement is applicable to the account data, then a risk assessment may be performed for the account data using a risk ranking tool which applies a risk ranking to the account data. In addition, the method may include monitoring changes in the account data and/or activity in the account at a frequency based at least in part on the applied risk ranking.