Regulatory Alerts2002-07-23
Added
Customer Identification Programs for Banks, Savings Associations and Credit Unions
This joint notice of proposed rulemaking requires banks, savings associations, and credit unions to implement reasonable procedures to verify the identity of any person seeking to open an account, maintain records of the verification information, and determine whether the person appears on government lists of known or suspected terrorists. The proposed regulation mandates that each institution establish a written Customer Identification Program approved by its board of directors, which must be incorporated into the institution's anti-money laundering program. Written comments on the proposal are due by September 6, 2002.