Patent ID: 7930228
Filing Date: 2011-04-19
Classification: G06Q

Abstract:
1. A computer-assisted method for a due diligence service provider to assist a financial institution with a regulatory or statutory compliance requirement, the method comprising: receiving with a computer system comprising at least one processor and operatively associated memory, data communicated from at least one recordkeeping system operatively associated with at least one client account of the financial institution, the account data including at least one account associated with a foreign financial institution, wherein the financial institution comprises a mutual fund, wherein the at least one client account is a mutual fund account, and wherein the due diligence service provider also acts as a transfer agent for the mutual fund; electronically reviewing the communicated account data with the computer system to identify at least one foreign correspondent account, wherein establishment or maintenance of the foreign correspondent account triggers at least one regulatory or statutory compliance requirement; electronically eliminating, with the computer system, account records not associated with a foreign financial institution; electronically validating at least part of the account data associated with the at least one foreign correspondent account, with the computer system, wherein the validating comprises: performing a risk assessment for the foreign correspondent account using a risk ranking tool; electronically applying a risk ranking to the account data, with the computer system based on use of the risk ranking tool; with the computer system, periodically comparing transaction activity reports of the first foreign correspondent account to the anticipated account activity, wherein a frequency of the periodic comparing is based at least in part on the applied risk ranking; based on the comparing, determining with the computer system that the transaction activity reports differ from the anticipated account activity by more than a predetermined amount; reporting the first foreign correspondent account to management of at least one of the financial institution or the due diligence service provider, with the computer system.