RegAlert2003-05-09
Added · Updated
Customer Identification Programs for Banks, Savings Associations, Credit Unions and Certain Non-Federally Regulated Banks
The Department of the Treasury, FinCEN, and federal banking agencies jointly adopted a final rule implementing Section 326 of the USA PATRIOT Act, requiring financial institutions to implement reasonable procedures to verify the identity of persons seeking to open accounts, maintain records of verification information, and check against government terrorist lists. The rule applies to banks, savings associations, credit unions, private banks, and trust companies, mandating that each institution design and implement a customer identification program tailored to its size, location, and type of business. Banks must fully comply with these requirements by October 1, 2003, following the rule's effective date of June 9, 2003.
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May 9, 2003
Part II
Department of the Treasury 31 CFR Part 103 Office of the Comptroller of the Currency 12 CFR Part 21 Office of Thrift Supervision 12 CFR Part 563 Federal Reserve System 12 CFR Parts 208 and 211 Federal Deposit Insurance Corporation 12 CFR Part 326 National Credit Union Administration 12 CFR Part 748 Commodity Futures Trading Commission 17 CFR Parts 1 and 42 Securities and Exchange Commission 17 CFR Part 270 and 31 CFR Part 103 Transactions and Customer Identification Programs; Final Rules and Proposed Rule
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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FINCEN published 7 documents in the last 30 days. We email you each new one the day it's published.