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Positive Futures VS:: Re: Comment by March 8 to oppose "Know your customer"
Re: Comment by March 8 to oppose "Know your customer"
Fri, 29 Jan 1999 15:33:09 +1300
David MacClement (davd@geocities.com)
The $10,000 reference is on the (45 kB):
[Federal Register: December 7, 1998 (Volume 63, Number 234)]
[Proposed Rules]
[Page 67529-67536] :-
http://www.fdic.gov/lawsregs/fedr/98knocus.txt
about 70% of the way through.
" Know Your Customer monitoring would be similar to monitoring that
insured nonmember banks already do. For example, insured nonmember
banks monitor customer transactions to ensure that cash transactions
exceeding $10,000 are reported under the Bank Secrecy Act, to ensure
that customers do not overdraw their accounts, and to ensure that loan
payments are accurate and timely. Thus, Know Your Customer monitoring
would rely, at least in part, on computer and other skills that insured
nonmember bank personnel already have and regularly use."
David.