Patent ID: 7717337
Filing Date: 2010-05-18
Classification: G06Q

Abstract:
1. A method for conducting online transactions consistent with enhanced national security and reduced potential for fraudulent activities, said method comprising: reading embedded identification information from a machine-readable government issued official identification document of a person who is conducting a transaction; sending transaction details agreed by the person, the person's financial account identification information, and the embedded identification information read from the person's machine-readable government issued official identification document to an online organization; forwarding said transaction details agreed by the person, the person's financial account identification information, and the embedded identification information read from the person's machine-readable government issued official identification document from the online organization to the financial institution which has issued a financial account to the person; using the person's financial account information to identify the financial account issued by the financial institution; verifying whether the embedded identification information read from the person's machine-readable government issued official identification document matches the identification information of the financial account holder stored in the database of said financial institution; if the verification is successful, using the information forwarded to the financial institution and the identification and transactional information stored at the financial institution to perform anti-money laundering and anti-terrorist financing transactional monitoring processes on behalf of said financial institution; proceeding to process the transaction by said financial institution if the status of the financial account permits said transaction; and informing the online organization of the approval of the transaction.