Compliance monitoring method and apparatus

• US 7,536,340 B2
• Filed: 12/18/2003
• Issued: 05/19/2009
• Est. Priority Date: 07/24/2000
• Status: Expired due to Fees

• Current Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Original Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Inventors: Dheer, Sanjeev, Sokolic, Jeremy N.
• Primary Examiner(s): Poinvil; Frantzy
• Assistant Examiner(s): Graham; Clement
• Application Number:
  US10/739,892
• Publication Number:
  US 20050187862A1
• Time in Patent Office: 1,979 Days
• Field of Search: 705/38, 705/37, 705/36, 705/35
• US Class Current: 705/37
• CPC Class Codes: G06F 16/957 Browsing optimisation, e.g. caching or content distillation
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A compliance monitoring system and method identifies an individual or entity to be monitored for account compliance and receives account information associated with the individual or entity. The compliance monitoring system and method obtains holdings in the account and determines whether the holdings in the account comply with a predetermined rule.

Claims

1. A computer implemented method comprising:

electronically storing compliance data, rules and settings, comprising account registration rules, account trading rules, and screening criteria in a compliance monitoring system;

identifying an individual to be monitored for account compliance;

registering the individual with the compliance monitoring system;

electronically receiving from the individual account information associated with the individual;

electronically storing the received account information;

generating at least one predetermined rule that applies to all monitored transactions requested by the individual, wherein generating comprises using the compliance data, rules and settings, and the account information associated with the individual;

electronically obtaining holdings in the account; and

electronically determining whether the holdings in the account comply with a predetermined rule of the at least one predetermined rules;

automatically electronically retrieving updated account information from the account; and

storing the updated account information.

2. A method as recited in claim 1 wherein obtaining holdings in the account is performed using the account information associated with the individual.

3. A method as recited in claim 1 further comprising:

obtaining transactions associated with the account; and

determining whether the transactions comply with the predetermined rule.

4. A method as recited in claim 1 wherein the predetermined rule is associated with a financial regulation.

5. A method as recited in claim 1 further comprising generating an alert message if the holdings in the account do not comply with the predetermined rule.

6. A method as recited in claim 1 further comprising generating an alert message if the holdings in the account do not comply with a plurality of rules that collectively determine account compliance.

7. A method as recited in claim 1 wherein obtaining holdings in the account includes accessing account data via an online communication link.

8. A method as recited in claim 1 wherein the account is a financial account with a third party.

9. A method as recited in claim 1 wherein the individual comprises an employee, a relative of an employee and a dependent of an employee.

10. A method as recited in claim 1 wherein the individual is subject to regulation of financial transactions by government agencies.

11. A computer implemented method comprising:

electronically storing compliance data, rules and settings, comprising account registration rules, account trading rules, and screening criteria in a compliance monitoring system;

electronically identifying an entity to be monitored for account compliance;

electronically registering the entity with a compliance monitoring system;

receiving from the entity account information associated with the entity;

storing the received account information;

electronically generating at least one predetermined rule that applies to all monitored transactions requested by the entity, wherein generating comprises using the individual;

electronically obtaining holdings in the account; and

electronically determining whether the holdings in the account comply with a predetermined rule of the at least one predetermined rules; and

electronically generating a compliance report comprising the information regarding whether the holdings comply with the predetermined rule.

12. A method as recited in claim 11 further comprising:

retrieving transactions associated with the account; and

determining whether the retrieved transactions comply with the predetermined rule.

13. A method as recited in claim 11 wherein the predetermined rule is associated with a financial regulation.

14. A method as recited in claim 11 wherein the entity is a financial institution.

15. A computer implemented method comprising:

electronically identifying a first employee to be monitored for account compliance;

electronically registering the first employee with a compliance monitoring system;

electronically identifying a second employee to be monitored for account compliance;

registering the second employee with the compliance monitoring system;

electronically receiving from the first employee first account information associated with the first employee;

electronically receiving from the second employee second account information associated with the second employee;

electronically storing the received account information;

electronically generating at least one predetermined rule that applies to all monitored transactions requested by the individual, wherein generating comprises using the compliance data, rules and settings, and the account information associated with the individual;

electronically obtaining holdings in the first account and the second account; and

electronically determining whether the holdings in the first account and the second account comply with a predetermined rule of the at least one predetermined rules;

automatically electronically retrieving updated account information from the first account and the second account; and

storing the updated account information.

16. A method as recited in claim 15 further comprising storing information regarding the holdings in the first account and the second account.

17. A method as recited in claim 15 further comprising generating a report summarizing the holdings in the first account and the second account.

18. A method as recited in claim 15 further comprising generating an alert message if the holdings in the first account do not comply with the predetermined rule.

19. A method as recited in claim 15 further comprising generating an alert message if the holdings in the second account do not comply with the predetermined rule.

20. A method as recited in claim 15 wherein the first account is associated with a first financial institution and the second account is associated with a second financial institution.

21. A computer implemented method comprising:

electronically identifying an individual to be monitored for account compliance;

electronically registering the individual with a compliance monitoring system;

electronically receiving from the individual account information associated with the individual, wherein the account information is associated with accounts at a plurality of financial institutions;

electronically storing the received account information;

electronically generating at least one predetermined rule that applies to all monitored transactions requested by the individual, wherein generating comprises using the compliance data, rules and settings, and the account information associated with the individual;

electronically obtaining holdings in the accounts; and

electronically determining whether the holdings in the accounts fail to comply with at least one rule of the at least one predetermined rules;

automatically electronically retrieving updated account information from the account; and

storing the updated account information.

22. A method as recited in claim 21 wherein receiving account information includes harvesting data from the accounts.

23. A method as recited in claim 21 wherein receiving account information includes downloading account information from the plurality of financial institutions.

24. A computer implemented method comprising:

electronically storing compliance data, rules and settings, comprising account registration rules, account trading rules, and screening criteria in a compliance monitoring system;

electronically identifying an entity to which an account holder is to delegate access to data associated with the account holder;

electronically identifying data that the entity is permitted to access;

electronically identifying activities that the entity is permitted to perform, comprising

electronically determining whether activities comply with the compliance data, rules and settings; and

electronically storing the identity of the identified entity, the identified data, and the identified activities in a central location.

25. A method as recited in claim 24, wherein the central location is a server accessible via the Internet.

26. A method as recited in claim 24, wherein the data associated with the account holder is financial data collected from a plurality of accounts associated with the account holder.

27. A method as recited in claim 24, wherein the identified data is summary data associated with accounts associated with the account holder.

28. A method as recited in claim 24, wherein the identified data is transaction data associated with transactions in accounts associated with the account holder.

29. A method as recited in claim 24, wherein the identified data includes summary data associated with accounts associated with the account holder and transaction data associated with transactions in accounts associated with the account holder.

30. A method as recited in claim 24, wherein the account holder is an employee of the entity.

31. One or more computer-readable media having stored thereon a computer program that, when executed by one or more processors, causes the one or more processors to:

electronically store compliance data, rules and settings, comprising account registration rules, account trading rules, and screening criteria in a compliance monitoring system;

electronically identify an employee to be monitored for compliance;

electronically register the employee with a compliance monitoring system;

electronically receive account information associated with the employee;

electronically store the received account information;

generate at least one predetermined rule that applies to all monitored transactions requested by the employee, wherein generating comprises using the compliance data, rules and settings, and the account information associated with the employee;

electronically identify transactions associated with the account; and

electronically determine whether the transactions associated with the account comply with a predetermined rule of the at least one predetermined rules;

electronically retrieve updated account information from the account; and

store the updated account information.

32. One or more computer-readable media as recited in claim 31 wherein the one or more processors further:

obtain holdings in the account; and

determine whether the holdings in the account comply with the predetermined rule.

33. One or more computer-readable media as recited in claim 31 wherein the one or more processors further generate an alert message if the transactions associated with the account do not comply with the predetermined rule.

34. One or more computer-readable media as recited in claim 31 wherein the predetermined rule is associated with a securities regulation.