CLICK Each Step Below To Learn More…
Process
Step One
Step Two
Step Three
Step Four

FINANCIAL INSTITUTION COMPLIANCE PROCESS

Step One

The Board of Directors, a committee thereof, or senior management must initially approve the Institution’s Red Flags Rule Program.  (Download from PDF.)

Step Two

Staff members register and view our Red Flags Rule Compliance Training module. A Knowledge Test follows with results archived.

Step Three

After viewing the training module, download the Staff Copy of the Institution’s Program which requires a signature.

Step Four

Scan your customer through our Identity Verification Scan and allow the customer to answer the “Challenge Questions”.

STEP ONE - REQUIRED WRITTEN RED FLAGS RULE PROGRAM

The Institution’s Board Of Directors, A Committee Thereof, Or Senior Management Must Initially Approve The Institution’s Red Flags Rule Program.

The Institution’s Program Must Include These Four Elements:

  1. Procedures For Identifying Red Flags
  2. Procedures For Detection Of Red Flags
  3. Institution’s Response To Red Flags
  4. Provisions For Updating The Program
Red Flags Comp Solution

The Red Flags Rule Program provided by Red Flags Comp has been customized specifically for your business or institution.
  • Simply print the Board of Director’s approval copy from our PDF format and formalize the document with the required signatures.

Click Here To View Sample

STEP TWO - REQUIRED STAFF COMPLIANCE TRAINING

The Institution Staff Must Be Trained Initially, And As Needed, Regarding Compliance With The Red Flags Rule.
  • Newly Hired Staff Must Be Trained Immediately.

  • In The Event Of Customer Identity Theft, The Institution Must Be Able To Provide Documented Proof Of Staff Training.
Red Flags Comp Solution

Our Innovative Red Flags Compliance Training Module Is Available 24/7.
  • No Need To Hire Trainers Or Go Through The Hassle Of Coordinating Dates With Staff For Compliance Training.

  • Each Staff Member Must Register Before Viewing The Training Session Which Includes A Knowledge Quiz.

  • All Registrants Are Archived For The Institution And Made Available To Designated Management Only.

Click Here To View Training Sample

STEP THREE - STAFF COPY OF THE RED FLAGS RULE PROGRAM

The Institution Staff Must Be Provided With A Copy Of The Financial Institution’s Red Flags Rule Program.

Legal Opinions Concur It Is Wise For Financial Institutions To Issue Two Copies; One For A Signature To Be Filed, And One To Be Retained By The Staff Member.
Red Flags Comp Solution

Red Flags Comp Provides Your Financial Institution A Program Copy For Staff Signatures.
  • Staff copies are available anytime to Red Flags Comp subscribers through our PDF format.

  • The staff member reads the Instution’s Red Flags Rule Program and signs the document as a commitment to abide by the Program.

  • Signed Copies Should Be Retained By The Financial Institution For No Less Than 5 Years After Termination.

STEP FOUR - FINANCIAL INSTITUTION REQUIREMENT

The Institution Must Verify Identifying Information Presented By An Individual And Also Authenticate The Actual Identity Of The Individual.

Verification And Authentication Information Must Be From Data Sources Beyond That Which Is Generally Available In A Wallet Or Credit Report.

A Few Data Source Examples:
  • The National Social Security Number Verification Service
  • The Social Security Death Master File
  • National, State and Federal data bases to verify DOB
  • Specific data bases to verify all associated addresses and telephone number assignment
  • Plus hundreds of other sources must be consulted
Red Flags Comp Solution

Our Compliance Identity Scan Returns A Printable Report In Just Seconds.
  • Our Web-Based Process Scans Over 30 Million Sources-and OFAC-To Ensure Compliance For A Small Cost Per Scan.

  • Five “Challenge Questions” automatically displayed.

  • All Scan Results Are Archived And Available At Anytime.

Click Here To View Sample Scan
.
Sample of Financial Institution
Red Flags Rule Program		 Sample of Financial Institution
Red Flags Rule Training Module		 Sample of Red Flags Comp’s
Compliance Identity Scan