Patent ID: 7805369

Claim:
A computerized method for a financial institution and its business client to facilitate compliance with regulatory requirements and applicable laws utilizing a network having at least one shared computer system through which the financial institution and the business client communicate with each other, comprising: receiving from the business client through the network, transactional information corresponding to a financial instrument, identification information of a customer of both the business client and a transaction, and identification information of a beneficiary of the transaction, the financial instrument being associated with the customer; detecting, by a computer system, a suspicious activity based on the transactional information, the identification information of the customer of the transaction, and the identification information of the beneficiary of the transaction; requiring the business client to decide whether to file a regulatory report based on the detected suspicious activity; requiring the business client to provide a reason for not filing when the business client decides not to file the regulatory report; assigning, by the computer system, a certification code for the financial instrument in response to receiving an indication from the business client of an intent to file the report or the reason for not filing, the certification code and the financial instrument being submitted to the financial institution by the business client, wherein the certification code indicates that the corresponding transaction has been examined and monitored by the computer system in accordance with regulatory requirements and applicable laws; and verifying, by the computer system, validity of the certification code when the financial institution processes the financial instrument.