Knowing your customer

[Declan McCullagh]

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regs which were withdrawn would have required NBFI's (non-bank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