Insured Aircraft Title Service Combats Money Laundering By Voluntarily Exceeding Patriot Act
Oklahoma City, Oklahoma (PRWEB) June 27, 2014 -- Insured Aircraft Title Service has announced continued measures aimed at preventing transactions originating from corrupt and unlawful activity—including money laundering. This is despite the fact that under the Patriot Act, escrow companies are exempted while mandated regulatory oversight continues to increase for banks and financial institutions when processing payments via wire transfers.
“We are committed to avoiding transactions stemming from illegal activities, corruption or the financing of terrorist activities,” said Christopher Fiegel, Secretary and Treasurer of Insured Aircraft Title Service.
The increased transactional procedures followed by IATS include the cross checking of individuals and business entities against various information and news sources in addition to using various lists published by government agencies such as the Office of Foreign Assets Control (OFAC). Insured Aircraft Title Service also works closely with its local banks to improve its compliance processes used to identify transactions that may relate to unlawful or corrupt practices and therefore to avoid assisting any activity related to money laundering.
“We are very conscious of protecting the reputational risk of both IATS, the banks, and our customers”, Fiegel said. He said IATS’s own clients have started asking for this enhanced oversight in order to protect their interests.
In 2010 Insured Aircraft Title Service appeared before a U.S. Senate Subcommittee that was reviewing and evaluating the use of banks and other legitimate entities in the U.S. to launder money. As of 2014, that exemption is still in place.
“We first became aware of the need for additional compliance procedures as a result of this hearing. We have since voluntarily worked to install and continuously improve our compliance oversight at our own expense as our commitment to protect both the banks and ourselves from those who seek to launder money obtained by corrupt or illegal means,” Fiegel said.
As a part of its ongoing efforts to stay current, Insured Aircraft Title Service employs a prominent law firm that monitors and researches changes relative to the Patriot Act and other similar Federal regulations to ensure immediate awareness of new regulations. IATS continues its efforts to reduce money laundering and reduce reputational risk.
Chris Fiegel, Insured Aircraft Title Service, http://www.insuredaircraft.com/contact/, +1 (405) 681-6663, [email protected]
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