Regulatory Alerts2003-05-09
Added
Customer Identification Programs for Broker-Dealers
The Department of the Treasury and the Securities and Exchange Commission jointly adopt a final rule requiring broker-dealers to implement reasonable procedures to verify the identity of persons seeking to open an account, maintain records of verification information, and check customers against government terrorist lists. The rule applies to any person registered or required to be registered as a broker or dealer under the Securities Exchange Act of 1934, excluding those registering solely to effect transactions in securities futures products. Broker-dealers must fully implement their customer identification programs by October 1, 2003.
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