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Envision
Financial To Provide Identity Verification
Published on September 21, 2003.
From Operations Management
Envision Financial Systems
entered into an agreement with ChoicePoint
to provide identity verification to PowerAgent, a transfer agency
system. The upgrade was an effort to comply with the Patriot Act,
which requires financial institutions to verify and identify all
new customers, maintain records relating to information used to
verify customer identities and check customer names against government-maintained
lists of suspected terrorists, such as the Office of Foreign Asset
Control list.
Two clients have participated in the product
testing and both have signed on, including Citco
Mutual Fund Services, said Tom Wiedecker,
COO of Envision Financial Systems. Chuck
Jones, spokesman at ChoicePoint, declined to comment.
Prior to this deal, many mutual funds either
found their own solution for verifying the identity of clients or
used a very basic verification process offered by Envision.
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