Tag Archives: know your customer

Know Your Customer… Banks Profiling You!

Jeremiah Project Posted on by

Every bank teller is now a government informer and everyone with a bank account is a criminal suspect. The Federal Deposit Insurance Corporation (FDIC), Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, and Office of Thrift Supervision proposed a change to banking regulations in 1998 that would ensure banks and savings institutions have policies and procedures in place for screening transactions. Known as “Know Your Customer” programs, the federal regulatory agencies claimed they … Continue reading →

Know Your Customer Proposal

Jeremiah Project Posted on by

[Federal Register: December 7, 1998 (Volume 63, Number 234)] [Proposed Rules] [Page 67529-67536] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr07de98-22] ———————————————————————– FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 326 RIN 3064-AC19 Minimum Security Devices and Procedures and Bank Secrecy Act Compliance AGENCY: Federal Deposit Insurance Corporation. ACTION: Notice of proposed rulemaking. ———————————————————————– SUMMARY: The FDIC is proposing to issue a regulation requiring insured nonmember banks to develop and maintain “Know Your Customer” programs. As proposed, the regulation … Continue reading →