Posts Tagged ‘Red Flag Rules’

Quest CE Offers New Anti-Money Laundering and Red Flags Course For 2009

Tuesday, December 23rd, 2008

Milwaukee, WI December 23, 2008 – Quest CE announced today the release of their new 2009 Anti-Money Laundering and Red Flags online course designed to meet USA Patriot Act requirements. To demo the new course go to http://www.questce.com/AML-Course-Demo/Presentation_Files/index.html

The USA PATRIOT Act requires financial institutions to develop and implement an AML compliance program.

NASD Rule 3011 outlines minimum standards for broker-dealers’ AML compliance programs. It requires firms to develop and implement a written AML compliance program. The program has to be approved in writing by a member of senior management and be reasonably designed to achieve and monitor the ongoing compliance with the requirements of the Bank Secrecy Act.

NASD Rule 3011 also requires firms to provide ongoing training for appropriate personnel. This would include training for all representatives engaged in the business of providing financial advice, the sale of financial products or services, or deal in any way with the transfer of financial interests.

Quest CE offers a complete Anti-Money Laundering (AML) solution for organizations of all sizes. Quest’s Anti-Money Laundering (AML) program offers advanced capabilities that other vendors do not offer. In coordination with industry experts, Quest CE’s team of IT and database professionals created a Learning Management System (LMS) to fit the AML reporting, tracking, and training needs of Quest’s clients.

“The system allows AML program administrators the ability to run real-time reports, upload new users instantly, and send reminder emails to users who haven’t yet completed their training,” said Patrick Torhorst, Vice President of IT for Quest CE.

In addition to offering this advanced technology in a fully customizable web portal, Quest CE is offering the industry’s lowest available pricing to companies interested in utilizing Quest’s AML program. For as little as $2 per user, firms can have a web portal built to look like their own AML eUniversity complete with full reporting and tracking capabilities, and including Quest CE’s robust library of Anti-Money Laundering (AML) courses.

Quest CE can also author any firm’s proprietary courses to meet specific training needs.

FTC Will Grant Six-Month Delay of Enforcement of ‘Red Flags’ Rule Requiring Creditors to Have Identity Theft Prevention Programs

Monday, December 15th, 2008

The Federal Trade Commission will suspend enforcement of the new “Red Flags Rule” until May 1, 2009, to give creditors and financial institutions additional time in which to develop and implement written identity theft prevention programs. The Red Flags Rule was developed pursuant to the Fair and Accurate Credit Transactions (FACT) Act of 2003.

Under the Rule, financial institutions and creditors with covered accounts must have identity theft prevention programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft. Identity Theft Red Flag Rules.