Regulatory Alerts2003-05-09
Added
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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