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ANTI-MONEY LAUNDERING MEASURES: Final Rule on Customer Identification Programs
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Description:The Department of the Treasury and the federal banking, thrift and credit union regulatory agencies have jointly issued a final rule to implement Section 326 of the USA PATRIOT Act. This section requires financial institutions to implement a customer identification program to verify the identity of customers opening new accounts.
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Release Date:05/27/2003
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Update Date:11/13/2018
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Withdrawn Date:12/01/2018
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Agencies Involved:Federal Deposit Insurance Corporation (FDIC)U.S. Department of the TreasuryFinancial Crimes Enforcement Network (FinCEN)Board of Governors of the Federal Reserve System (The Fed)Office of the Comptroller of the Currency (OCC)Office of Thrift Supervision (OTS)National Credit Union Administration (NCUA)
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Fdic Employee Involved:Michael J. Zamorski
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Law Involved:Bank Secrecy ActUSA PATRIOT Act of 2001, section 326
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Related Regulation:12 CFR Part 326Bank Secrecy Act regulations, section 103.121 – "Customer Identification Programs for Banks, Savings Associations, and Credit Unions"
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Source:FDIC Website
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Memorandum To:FDIC-Supervised Banks (Commercial and Savings)
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Effective Date:06/09/2003
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FIL Number:FIL-42-2003
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Supporting Files
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