Correspondent bank registry

• US 7,899,722 B1
• Filed: 10/23/2002
• Issued: 03/01/2011
• Est. Priority Date: 03/20/2001
• Status: Expired due to Term

• Current Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Original Assignee: Goldman Sachs & Company (Goldman Sachs Group Incorporated)
• Inventors: Young, Carl, Lawrence, David
• Primary Examiner(s): Subramanian, Narayanswamy
• Application Number:
  US10/278,380
• Time in Patent Office: 3,051 Days
• Field of Search: 705/64, 705/65, 705/70, 705/75, 705/76, 705/80, 705 35- 38, 705/42, 705/44
• US Class Current: 705/35
• CPC Class Codes: G06F 21/577 Assessing vulnerabilities and evaluating computer system security
• 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
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/10 Tax strategies

Abstract

Methods and systems are provided for facilitating the transfer of information relating to risk management, such as, for example information directed towards compliance with the USA PATRIOT Act and certification of a foreign correspondent bank. Generally, the a foreign bank or other entity can provide a risk management clearinghouse with information relating to compliance with government requirements, or other information, and allow the risk management clearinghouse to convey to information in whole or in part to interested parties. Centralized distribution of certification related information can facilitate consistent and accurate compliance with government related requirements.

Claims

1. A processor-implemented method for managing risk associated with a correspondent account, the method for comprising:

receiving, by a domestic financial institution, regulatory risk management certification information from a foreign bank related to the correspondent account, the regulatory risk management certification information including documentation identifying an owner of the foreign bank and the name and address of a person residing domestically that is authorized to accept service of legal process for records regarding the correspondent account;

aggregating via a processor the received regulatory risk management certification information into a searchable storage structure;

applying a data scrubbing component routine to the aggregated regulatory risk management certification information to enhance data formality;

storing the aggregated and scrubbed regulatory risk management certification information in compliance with the searchable storage structure in a computer server;

receiving a request to register the regulatory risk management certification information from a requestor;

receiving and responding to a request for guidance for facilitating registration of the regulatory risk management certification information;

registering the regulatory risk management certification information with a risk management clearinghouse; and

outputting, in response to the registration request, the registered regulatory risk management certification information to the requestor.

2. The method of claim 1 additionally comprising docketing information relating to the regulatory risk management certification information received.

3. The method of claim 1 additionally comprising ascertaining the completeness of the regulatory risk management certification information received.

4. The method of claim 1 additionally comprising receiving updated information relating to the regulatory risk management certification information and transmitting the updated information to appropriate parties.

5. The method of claim 1 additionally comprising requesting authorization to convey the regulatory risk management certification information to a requestor of the regulatory risk management certification information.

6. The method of claim 1 additionally comprising archiving actions taken relating to certification.

7. A computerized system for managing risk associated with a correspondent account, the system comprising:

a computer server accessible with a system access device via a communications network; and

executable software stored on the server and executable on demand, the software operative with the server to cause the server to;

receive, by a domestic financial institution, regulatory risk management certification information from a foreign bank related to the correspondent account, the regulatory risk management certification information including documentation identifying an owner of the foreign bank and the name and address of a person residing domestically that is authorized to accept service of legal process for records regarding the correspondent account;

aggregate the received regulatory risk management certification information into a searchable storage structure;

apply a data scrubbing component to the aggregated regulatory risk management certification information to enhance data formality;

store the aggregated and scrubbed information in compliance with the searchable storage structure in a computer server;

receive a request for particular certification information from a requestor;

receive and respond to a request for guidance for facilitating registration of the regulatory risk management certification information;

register the regulatory risk management certification information with a risk management clearing house; and

transmit, in response to the particular certification information request, the registered particular certification information to the requestor.

8. The computerized system of claim 7 wherein the server comprises a proprietary risk management server.

9. The computerized system of claim 7, wherein the software operative with the server causes the server to docket information relating to the regulatory risk management certification information received.

10. The computerized system of claim 7, wherein the software operative with the server causes the server to ascertain the completeness of the regulatory risk management certification information received.

11. The computerized system of claim 7, wherein the software operative with the server causes the server to receive updated information relating to the regulatory risk management certification information and transmit the updated information to appropriate parties.

12. The computerized system of claim 7, wherein the software operative with the server causes the server to request authorization to convey the regulatory risk management certification information to a requestor of the regulatory risk management certification information.

13. The computerized system of claim 7, wherein the software operative with the server causes the server to archive actions taken relating to certification.

14. A tangible processor-readable medium having processor-executable program instructions residing thereon, wherein the computer executable program instructions are issuable by a processor to:

receive, by a domestic financial institution, regulatory risk management certification information from a foreign bank related to the correspondent account, the regulatory risk management certification information including documentation identifying an owner of the foreign bank and the name and address of a person residing domestically that is authorized to accept service of legal process for records regarding the correspondent account;

aggregate the received regulatory risk management certification information into a searchable storage structure;

apply a data scrubbing component to the aggregated regulatory risk management certification information to enhance data formality;

store the aggregated and scrubbed information in compliance with the searchable storage structure in a computer server;

receive a request for particular certification information from a requestor;

receive and respond to a request for guidance for facilitating registration of the regulatory risk management certification information;

register the regulatory risk management certification information with a risk management clearing house; and

transmit, in response to the particular certification information request, the registered particular certification information to the requestor.

15. The tangible processor-readable medium of claim 14, wherein the processor-executable program instructions are issuable by a processor to docket information relating to the regulatory risk management certification information received.

16. The tangible processor-readable medium of claim 14, wherein the processor-executable program instructions are issuable by a processor to ascertain the completeness of the regulatory risk management certification information received.

17. The tangible processor-readable medium of claim 14, wherein the processor-executable program instructions are issuable by a processor to receive updated information relating to the regulatory risk management certification information and transmit the updated information to appropriate parties.

18. The tangible processor-readable medium of claim 14, wherein the processor-executable program instructions are issuable by a processor to request authorization to convey the regulatory risk management certification information to a requestor of the regulatory risk management certification information.

19. The tangible processor-readable medium of claim 14, wherein the processor-executable program instructions are issuable by a processor to archive actions taken relating to certification.