FAQs
- What is the USA PATRIOT Act?
- The USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act) was passed on October 26, 2001. Title III of the Act, International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, expands the authority of the Secretary of the Treasury to regulate the activities of U.S. financial institutions, particularly with respect to relations with foreign individuals and entities. The passing of the PATRIOT Act has increased the responsibilities placed on financial institutions and highlights the dangerous link between terrorist organizations and money laundering.
- What is Regulatory DataCorp?
- RDC is an independent company formed by a group of the world's leading financial institutions for the purpose of aggregating and leveraging public information and regulatory and industry expertise on a global basis. It is a proactive industry response to the serious threats posed to global security by money laundering, fraud, corruption, terrorist financing, organized crime, and other suspicious activities. RDC enables customers to better identify and manage legal, financial, regulatory, and reputational risks and comply with global regulatory responsibilities.
- Was RDC Formed as a Reaction to September 11th?
- The idea for RDC originated in 1999. The regulatory, reputational, and financial risks that firms face, and that RDC was created to address, have existed for many years. The events of September 11th and the ensuing regulations brought them into sharper focus.
- Where Do the Data Sources Come From?
- The GRID system currently accesses more than 15,000 public information sources and databases from around the world. It includes sources such as: disciplinary actions by the SEC, NASD, NYSE and CFTC dating back 30 years; lists of Senior Political Figures from virtually every country in the world; International and U.S. governmental (OFAC) lists, terrorist sanctions, embargoes, U.S. Commerce Department and criminal wanted and fugitive lists, and other risk-relevant media. RDC's data dates back further than most regulations require, offering added assurance that institutions know their clients' risk-relevant history.
- How Current is Your Data?
- The GRID database is the most comprehensive, accurate and reliable source of publicly-available, risk-relevant regulatory and enforcement information ever compiled on a worldwide basis. The data meets pre-defined criteria and is manually reviewed for accuracy and applicability before being entered into the database. GRID is continuously updated and enhanced by a network of leading international research consultants. New risk-relevant data is added to the GRID database daily.
- How Secure is Your System?
- RDC has worked extensively to ensure the security of its system. Transmission and storage of information on behalf of customers are protected by proven security methods and procedures and are subject to ongoing reviews by investors, customers and independent auditors. GRID is a fully redundant system that and has a state of the art recovery plan in place in one of the world's most secure IBM hosting facilities.