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TREAS/OCC RIN: 1557-AB66 Publication ID: Spring 1999 
Title: Bank Secrecy Act Compliance: "Know Your Customer" Requirements 
Abstract: The OCC proposed to issue regulations requiring each national bank to develop and maintain a "Know Your Customer" program that is designed to identify its customers, determine their sources of funds, and monitor their transactions for suspicious activities. These regulations are intended to reduce the likelihood that banks will become unwitting participants in money laundering and other illicit activities of their customers. The comment period closed on 3/8/99, and the OCC is reviewing, as of the date this report was prepared, the appropriate course to take in light of the significant amount of adverse comments received to date. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 21.21   
Legal Authority: 12 USC 93a    12 USC 1818    12 USC 1881 to 1884    12 USC 3401 to 3422    31 USC 5318   
Timetable:
Action Date FR Cite
NPRM  12/07/1998  63 FR 67524   
NPRM Comment Period End  03/08/1999    
Deleted at Agency Request  03/30/1999  64 FR 15137   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Included in the Regulatory Plan: No 
Agency Contact:
Mark J. Tenhundfeld
Assistant Director
Department of the Treasury
Comptroller of the Currency
Legislative and Regulatory Activities Division, 250 E Street SW,
Washington, DC 20219
Phone:202 874-5090
Fax:202 874-4889
Email: mark.tenhundfeld@occ.treas.gov