[November 9, 1998 (Volume 63, Number 216)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID:ua09no98_052-7] [Page 62700] FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Proposed Rule Stage _______________________________________________________________________ 4449. <bullet> ``KNOW YOUR CUSTOMER'' REQUIREMENTS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1813; 12 USC 1815; 12 USC 1817; 12 USC 1818; 12 USC 1819 (Tenth); 12 USC 1881 to 1883; 31 USC 5318; 42 USC 4012a; 42 USC 4104b; 42 USC 4106 CFR Citation: 12 CFR 326 Legal Deadline: None Abstract: This rulemaking proposes to issue regulations requiring insured nonmember banks to develop and maintain ``Know Your Customer'' programs. As proposed, the regulations would require each institution to develop a program designed to determine the identity of its customers, determine its customers' source of funds; determine the normal and expected transactions of its customers; monitor account activity for transactions that are inconsistent with those normal and expected transactions; and report any transactions of its customers that are determined to be suspicious, in accordance with the FDIC's existing suspicious activity reporting regulations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 11/00/98 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Carol A. Mesheske, Chief, Special Activities Section, Division of Supervision, Federal Deposit Insurance Corporation, Washington, DC 20429 Phone: 202 898-6750 RIN: 3064-AC19 _______________________________________________________________________
