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PFPC Inc., a member of The PNC Financial Services Group, Inc. (NYSE: PNC) and a leading global provider of technology, processing and business solutions to the investment industry, announced today a new service capability designed to enable fund clients to satisfy Customer Identification Program (CIP) regulations issued under the USA PATRIOT Act. CIP regulations require each mutual fund company to implement and maintain a CIP to verify the identities of new investors. PFPC's new CIP support capability, which includes enhanced system functionality and related processing services, is scheduled to begin on October 1, 2003, to coincide with the regulations' compliance deadline.
For the past two years, PFPC has been consulting with various members of the investment management community in preparing to enable its clients to efficiently comply with CIP and other regulations issued under the USA PATRIOT Act. Since July 2002, PFPC has provided fund clients with Anti-money Laundering services, enabling the funds to satisfy regulations, issued under the act last year, that require mutual funds implement procedures designed to detect and prevent money-laundering and terrorist financing. PFPC has leveraged this experience and expertise in designing what it believes to be a best-in-class CIP services offering.
The new CIP regulations require mutual funds to:
- Obtain specified customer information before opening an account or
granting trading authority
- Reject applications/transactions if proper identifying information is
not received
- Issue a notice to each prospective customer prior to an account opening
- Employ a non-documentary verification method where documentary
verification is unavailable
- Maintain for specified time-periods records relating to reconciliation
of verification exceptions and account openings
- Adhere to new requirements relating to government matching lists
Through its new capability and service offering, PFPC will perform these functions on behalf of fund clients in a robust yet cost-effective manner.
"PFPC currently services over 48 million shareholder accounts," says Michael DeNofrio, executive vice president and senior managing director for PFPC's transfer agency division. "When you combine that experience with our open, flexible technology, we are well prepared to assist our clients in meeting their compliance needs related to the USA PATRIOT Act. In addition, we have expanded our dedicated USA PATRIOT Act compliance team to ensure that our clients receive the focused attention they need when dealing with this groundbreaking regulation."
"One of the reasons we selected PFPC was because it offers an impressive array of comprehensive and efficient services to satisfy the requirements set forth in the USA PATRIOT Act," Ane K. Ohm, vice president, Strong Investor Services, Inc. "By proactively dedicating so many resources towards this issue, PFPC has proven it is committed to addressing all of our Customer Identification Program needs."
PFPC CIP services will include the use of both non-documentary and documentary methods for verification, review of exception-related items and performance of secondary searches. Clients will also receive regular reports covering verification of identities of new investors, which clients can present to boards and program auditors.
Providing a wide range of global fund services to the investment management industry, PFPC is the largest full-service mutual fund transfer agent and second largest provider of mutual fund accounting and administrative services in the United States. PFPC is also a leading provider of subaccounting and shareholder services, custody, securities lending, integrated banking transaction services, alternative investments services and advanced output solutions through electronic and print mail services. PFPC clients include some of the world's most successful financial services companies, including brokerage firms, pension and investment managers, insurance companies and banks. PFPC's affiliate, PFPC International Ltd., with offices in Dublin and County Wexford, Ireland and Luxembourg, has served the international funds community since 1993. For more information, please visit us at www.pfpc.com .
The PNC Financial Services Group, Inc., headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations, providing regional community banking; wholesale banking, including corporate banking, real estate finance and asset-based lending; wealth management; asset management; and global fund services.
SOURCE: The PNC Financial Services Group, Inc.
CONTACT: Jeanette Harrison-Sullivan of PFPC, Inc., +1-302-791-1400, or
+1-508-871-9863, or email, jean.harrison-sullivan@pfpc.com
Web site: http://www.pnc.com/
Company News On-Call: http://www.prnewswire.com/comp/701257.html
