RealNews

Financial firms get new guidelines on customer IDs

The U.S. Treasury Department has released final regulations designed to prevent the funding of terrorist activities and money laundering. The rules are part of the Customer Identification Program (CIP) of the USA Patriot Act. Banks and other financial institutions have until Oct. 1 to comply with the federal regulations, which require them to put in place processes that allow for a risk-based identification of all new customers. Apart from collecting specific identifying information from customers, banks will be responsible for verifying that information and comparing it against government-issued lists containing the names of known or suspected terrorists or terrorist organizations. Full Story

OODA Analyst

OODA Analyst

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