[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

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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:
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Action                            Date                      FR Cite

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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
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