Congress Passes Legislation to Curb Effects of Operation Choke Point

Congress passed legislation that will attempt to curb the reach of Operation Choke Point. Operation Choke Point is an effort by the federal government to ferret out banking industry fraud. Many feel that the federal policy resulted in the targeting of banks doing business with payday lenders and firearms dealers. Regardless of the end of the legislative battle, banks must deploy quality due diligence tools for Know Your Customer processes. NominoData LLC offers numerous Due Diligence solutions.

Incline Village, NV, February 11, 2016 --( Operation Choke Point is a federal government effort to ferret out fraud in the banking industry. In recent years, federal banking regulations concentrated enforcement efforts on banks that had customers in the payday lender and firearms industries. Many in the banking industry felt that the regulatory actions were not balanced and essentially shutdown their ability to bank customers from those industries. Industry experts suggest that banks and government regulators need to focus on the actual business not the business industry. The new legislation passed by congress would curb the reach of Operation Check Point.

Regardless if the legislation becomes law or not, banks must deploy high quality due diligence tools for Know Your Customer and Risk Rating programs. NominoData LLC offers to the industry Negative News, Sanctions, PEPS, Legitimate Marijuana and HIFCA/HIDTA data solution. For information about these solutions please contact Rob Goldfinger@
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