 How
to Keep Up with Regulatory Compliance Acts
Since 9/11, the number of government regulations has
risen sharply. Companies must now comply with
anti-terrorist and anti-money laundering regulations
such as the Office of Foreign Assets Control (OFAC)
and the USA Patriot Act. Clean data is the key to
meeting the requirements for various compliance
acts. Here’s how to stay on top of it.
There are plenty of mandates to keep track of,
including the Financial Actions Task Force (FATF),
the Crime and Security Act 2001 and Common Foreign
and Security Policy (CFSP). Other more
corporate-related regulations include Do-Not-Call
and Sarbanes-Oxley. There are additional compliance
mandates to comply with, including Know Your
Customer (KYC) and Customer Identification Program
(CIP).
One of the mandates, Know Your Customer (KYC), is
the bank regulation that financial institutions and
other regulated companies must perform to identify
their clients and ascertain relevant information
pertinent to doing financial business with them.
Know Your Customer policies has become increasingly
important globally to prevent identity theft fraud,
money laundering and terrorist financing, according
to Wikipedia.
But will all of these regulatory compliance acts
affect the way companies pursue their data quality
initiatives?
Chances are they might, or they might not – depends
on how you maintain your organization’s data quality
efforts. A company can reach compliancy or reduce
the risks of non-compliance through data quality.
Accurate data is vital in terms of meeting
requirements for the various mandates and
regulations. Why? Because you want to make sure that
you’re working with the most up-to-date data when
you’re matching customer records to comply with
Do-Not-Call lists, for example.
Melissa Data provides the tools you need to achieve
high quality data to reach your compliance
initiatives. To verify address records are correct,
Melissa Data offers data quality and enhancement
solutions that will match your customer records with
U.S. Postal Service® and Canadian postal service
data.
Melissa Data also offers Address Object, which
cleans your database of incomplete or undeliverable
addresses. The program catches customer data-input
errors and standardizes data for faster processing.
DPV™ is another product that validates every U.S.
address to the actual point of delivery, right down
to the suite or apartment number. The Data Quality
Web Service (DQWS) can standardize and enhance
customer information at the point of entry or in
batch.
Other stay-in-compliance techniques include
utilizing NCOALink™ which processes a database for
the individuals, families and businesses that have
filed a change of address with the USPS® in the last
48 or 18 months.
Have more faith in your compliance initiatives.
Click here to find out how!
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