Regulatory Alerts2003-05-09
Added
Customer Identification Programs for Futures Commission Merchants and Introducing Brokers
The Department of the Treasury and the Commodity Futures Trading Commission jointly adopt a final rule requiring futures commission merchants and introducing brokers to implement reasonable procedures to verify the identity of persons seeking to open an account, maintain records of verification information, and check for terrorist lists. The rule applies to all registered futures commission merchants and introducing brokers, excluding those registering solely to effect transactions in security futures products. Entities must fully implement their customer identification programs by October 1, 2003.
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