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TREAS/OCC | RIN: 1557-AB66 | Publication ID: Fall 1998 |
Title: ●Bank Secrecy Act Compliance: "Know Your Customer" Requirements | |
Abstract: The OCC is proposing 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. | |
Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
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:
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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 |