Banking's Proposed "Know Your Customer" Rules

Description

On December 7, 1998, federal banking regulators proposed regulations that would have required banks and thrifts to develop formal policies and procedures to identify unusual transactions in customers’ accounts to report as suspicious activity in conjunction with the federal laws outlawing money laundering. Although there were varied proposals before the 106th Congress on the issue, no legislation was enacted. The issue likeliest to command attention in the 107th Congress is international money laundering. There have been recent instances in which banking regulators imposed corrective action, comparable to the Know Your Customer requirements, on several international banking institutions after unearthing potential ... continued below

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6 pages.

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Murphy, M. Maureen August 31, 2001.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 119 times . More information about this report can be viewed below.

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Description

On December 7, 1998, federal banking regulators proposed regulations that would have required banks and thrifts to develop formal policies and procedures to identify unusual transactions in customers’ accounts to report as suspicious activity in conjunction with the federal laws outlawing money laundering. Although there were varied proposals before the 106th Congress on the issue, no legislation was enacted. The issue likeliest to command attention in the 107th Congress is international money laundering. There have been recent instances in which banking regulators imposed corrective action, comparable to the Know Your Customer requirements, on several international banking institutions after unearthing potential money laundering activity.

Physical Description

6 pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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Creation Date

  • August 31, 2001

Added to The UNT Digital Library

  • June 11, 2005, 5:49 a.m.

Description Last Updated

  • Feb. 10, 2017, 12:17 p.m.

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Murphy, M. Maureen. Banking's Proposed "Know Your Customer" Rules, report, August 31, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metacrs1618/: accessed July 21, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.