Systems and methods for client screening in the financial services industry

• US 8,606,669 B2
• Filed: 06/01/2006
• Issued: 12/10/2013
• Est. Priority Date: 06/01/2006
• Status: Active Grant

• Current Assignee: Broadridge Securities Processing Solutions LLC (Broadridge Financial Solutions Incorporated)
• Original Assignee: Broadridge Securities Processing Solutions LLC (Broadridge Financial Solutions Incorporated)
• Inventors: Fergusson, Scott
• Primary Examiner(s): Apple, Kirsten
• Assistant Examiner(s): Trotter, Scott S
• Application Number:
  US11/421,686
• Publication Number:
  US 20080040610A1
• Time in Patent Office: 2,749 Days
• Field of Search: 705/35, 705/67, 705/44, 726/4, 726/5, 902/5
• US Class Current: 705/35
• CPC Class Codes: G06F 16/23 Updating
• CPC Class Codes: G06F 16/2379 Updates performed during online database operations; commit processing
• CPC Class Codes: G06F 16/25 Integrating or interfacing systems involving database management systems
• CPC Class Codes: G06F 16/9535 Search customisation based on user profiles and personalisation
• CPC Class Codes: G06F 21/30 Authentication, i.e. establishing the identity or authorisation of security principals
• CPC Class Codes: G06F 21/6245 Protecting personal data, e.g. for financial or medical purposes
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• 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 50/265 Personal security, identity or safety
• CPC Class Codes: H04L 63/0884 by delegation of authentication, e.g. a proxy authenticates an entity to be authenticated on behalf of this entity vis-à-vis an authentication entity
• CPC Class Codes: H04L 63/1441 Countermeasures against malicious traffic countermeasures against attacks on cryptographic mechanisms H04L9/002
• CPC Class Codes: H04L 63/20 for managing network security; network security policies in general filtering policies H04L63/0227
• CPC Class Codes: H04L 67/56 Provisioning of proxy services store-and-forward switching systems in data switching networks H04L12/54
• CPC Class Codes: H04L 67/562 Brokering proxy services
• CPC Class Codes: Y10S 902/05 And to verify identity of user*

Abstract

Systems, methods, and interfaces for screening clients for security compliance with a Customer Identification Program are disclosed. An illustrative system for screening clients can include a client screening engine adapted to filter client account data based on one or more filtering criteria, a database adapted to store client account information and verification status information, and a graphical user interface adapted to selectively display client account information and verification status information for one or more selected clients on a screen. The system can be used to submit identity verification requests to Customer Identification Program vendors for only those clients whose identity have not been verified.

Claims

1. A method, comprising:

specifically programming at least one computer system to perform at least the following;

receiving, by the at least one specifically programmed computer system, account data from a plurality of account custodians, wherein the account data comprises account information of a plurality accounts of a client and wherein account custodians are unrelated entities;

storing, by the at least one specifically programmed computer system, the account data in at least one database,

utilizing, by the at least one specifically programmed computer system, at least one unique client identification tag to associate with the client the plurality of accounts of the client in the account data received from the plurality of account custodians that are unrelated entities;

receiving automatically, by the at least one specifically programmed computer system, a client screening request for the client from at least one account custodian from the plurality of account custodians, wherein the client screening request is automatically received based, at least in part, on one of the following;

i) when a new account is opened by the at least one account custodian, or

ii) when a name and/or address change is received from the at least one account custodian, and

iii) when a representative of the at least one account custodian requests verification of an identity of the client;

determining, by the at least one specifically programmed computer system, a verification status of the client whose identity needs to be verified based, at least in part, on the account data received from the plurality of the account custodians, wherein the determining is performed based, at least in part, on;

i) at least one exception, wherein the at least one exception identifies a type of an account for which a governmental agency requires to verify an identity of an account holder,

ii) the at least one unique client identification tag, wherein the at least one unique client identification tag is associated with information identifying whether the identity of the client has been previously verified by another account custodian of the plurality of account custodians, and

iii) at least one verification request submitted to at least one customer identification program vendor to verify the identity of the client, wherein the at least one verification request comprises identifying information of the client; and

notifying, by the at least one specifically programmed computer system, in response to the received client screening request, the at least one account custodian of the determined verification status of the client so that the at least one account custodian does not submit a duplicate of the at least one verification request to the at least one customer identification program vendor.

2. The method of claim 1, wherein the receiving the client screening request is performed automatically each time a new account is opened for a new or an existing client.

3. The method of claim 1, wherein the receiving the client screening request is performed automatically when a name and/or address change is received for the client.

4. The method of claim 1, wherein the notifying the at least one account custodian of the verification status of the client in response to the received client screening request from the at least one account custodian comprises:

generating, by the at least one specifically programmed computer system, a report on a display screen.

5. The method of claim 1, wherein the at least one account custodian is a financial institution.

6. The method of claim 5, wherein the financial institution is selected from the group consisting of:

a bank, a broker, a dealer, a trust company, a currency exchange, an insurance company, a saving association, a credit union, a mutual fund company, a futures commission merchant, and a futures introducing broker.

7. A computer system, comprising:

a) a non-transient memory having at least one region for storing computer executable program code; and

b) at least one processor for executing the program code stored in the non-transient memory, wherein the program code comprises;

code to receive account data from a plurality of account custodians, wherein the account data comprises account information of a plurality at least one accounts of a client and wherein account custodians are unrelated entities;

code to store the account data in at least one database,

code to utilize at least one unique client identification tag to associate with the client the plurality of accounts of the client in the account data received from the plurality of account custodians that are distinct financial institutions;

code to receive automatically a client screening request for the client from at least one account custodian from the plurality of account custodians, wherein the client screening request is automatically received based, at least in part, on one of the following;

i) when a new account is opened by the at least one account custodian, or

ii) when a name and/or address change is received from the at least one account custodian, and

iii) when a representative of the at least one account custodian requests verification of an identity of the client;

code to determine a verification status of the client whose identity needs to be verified based, at least in part, on the account data received from the plurality of the account custodians, wherein the determining is performed based, at least in part, on;

i) at least one exception, wherein the at least one exception identifies a type of an account for which a governmental agency requires to verify an identity of an account holder,

ii) the at least one unique client identification tag, wherein the at least one unique client identification tag is associated with information identifying whether the identity of the client has been previously verified by another account custodian of the plurality of account custodians, and

iii) at least one verification request submitted to at least one customer identification program vendor to verify the identity of the client, wherein the at least one verification request comprises identifying information of the client; and

code to notify, in response to the received client screening request, the at least one account custodian of the determined verification status of the client so that the at least one account custodian does not submit a duplicate of the at least one verification request to the at least one customer identification program vendor.

8. The computer system of claim 7, wherein the code to receive the client screening request is automatically executed each time a new account is opened for a new or an existing client.

9. The computer system of claim 7, wherein the code to receive the client screening request is automatically executed when a name and/or address change is received for the client.

10. The computer system of claim 7, wherein the code to notify the at least one account custodian of the verification status of the client in response to the received client screening request from the at least one account custodian comprises:

code to generate a report on a display screen.

11. The computer system of claim 7, wherein the at least one account custodian is a financial institution.

12. The computer system of claim 11, wherein the financial institution is selected from the group consisting of:

a bank, a broker, a dealer, a trust company, a currency exchange, an insurance company, a saving association, a credit union, a mutual fund company, a futures commission merchant, and a futures introducing broker.