Knowing your customer
Greg Broiles
gbroiles at netbox.com
Wed Dec 6 09:04:50 PST 2000
On Wed, Dec 06, 2000 at 12:07:57PM -0500, Declan McCullagh wrote:
>
> A minor clarification: The formal proposal known as "Know Your
> Customer" was withdrawn (see my back articles on that topic). But
> other regulations in the same vein require banks to require ID.
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regs which were withdrawn would have required NBFI's (non-bank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?
--
Greg Broiles gbroiles at netbox.com
PO Box 897
Oakland CA 94604
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