6 Dec
2000
6 Dec
'00
1:26 p.m.
At 09:04 12/6/2000 -0800, Greg Broiles wrote:
I'm not a banking law geek, but I believe that there are federal regs in place known as "know your customer" rules which apply to depository institutions like banks, credit unions, etc - the regs which were withdrawn would have required NBFI's (non-bank financial institutions) to comply with similar rules, as they're sometimes used instead of banks to avoid the KYC rules.
Or am I thinking of something else?
You're thinking of something slightly different. The Fed-Treasury-FDIC action that caused so much fuss would have made "suggested" KYC rules that apply to banks mandatory. Here's the federal register notice abandoning the propsed KYC regs: http://www.politechbot.com/p-00315.html -Declan