[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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