Think Feds Will Go Easy? Think Again

Malakian, Anthony
September 2008
Bank Technology News;Sep2008, Vol. 21 Issue 9, p1
Trade Publication
The article reports on the required compliant of the U.S. FACT Act Red Flags rule among bankers. Compliance Coach chief executive officer Sai Huda relates that banks that does not get into compliance will be penalized with monetary fines and will get dragged into a class-action lawsuit. Huda elaborates that the rule emphasizes on putting together an identity theft prevention program, because, if there are any breaches of information, the bank can be alleged of not following the written rule.


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