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Website Launched:  12/26/1994
Last Update:  2/14/2013
The Integrity Center, Inc.

(972) 484-6140
[ Since 1984 ]
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PRESS RELEASE
PRESS RELEASE

April 10, 2003

The Integrity Center, Inc.
"objective risk management services"


FOR IMMEDIATE RELEASE

Brokerages Can Get Help
With Cost Effective
Patriot Act Compliance

Dallas, Texas - The USA Patriot Act, signed by President Bush in October, 2001, requires financial services companies to develop improved capabilities to identify customers and flag suspicious transactions. Federal regulators will sanction any organization whose compliance system does not meet the requirements. Most provisions of the USA Patriot Act become law in 2003, and brokerages are expected to invest over $400 million this year to comply with the antiterrorism and anti-money-laundering portions of the regulations.

One particular effort has been the formation of the Regulatory DataCorp International LLC (RDC) by 20 of the largest brokerages such as Goldman Sachs Group, Citigroup Inc., Merrill Lynch & Co., and others. Since the launch of the RDC in July, 2002, over two dozen additional registered securities dealers, of the approximately 5,500 registered U.S. securities dealers, have become clients of the RDC. Yet, the number of brokerages that have signed up to comply is still only a tiny fraction of those needing to comply. The biggest roadblock is cost.

Hence, The Integrity Center, Inc., Dallas, Texas, a national background checking firm, is providing an alternative for brokerages to help them satisfy the portion of the Act dealing with background checks. This should be especially valuable to firms that do not want to invest in back-end system integration, software development, or major IT system upgrades.

A brokerage only needs to have a high speed Internet connection, and all work is completed via their browsers using secure encrypted communications. A brokerage can access its work 24/7 from its browsers. At any time, a brokerage can import existing work into their current computer systems using a common API protocol. The Integrity Center, Inc. provides the background checking paperwork that also complies with the Federal Trade Commission privacy requirements. All data are freshly retrieved daily, and therefore, unlike stored data from gigantic databases, the reports comply with Federal law and do not have multi-month time gaps since last being updated from their respective sources.

The Integrity Center, Inc., founded in 1984, and based in Dallas, TX, is a firm recognized nationally for employee background checking, online employee files, and risk management, for business, industry and government. The Integrity Center and its website are a rich source of current information regarding the laws, procedures, and pitfalls in all areas of background checking and personnel records.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Director of Media Relations
The Integrity Center, Inc.
(972) 484-6140
info@integctr.com


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