![]() ![]() Start Further Info FOR FURTHER INFORMATION CONTACT: DATES:Įffective Date: This rule is effective June 9, 2003.Ĭompliance Date: Each bank must comply with this final rule by October 1, 2003. This final regulation applies to banks, savings associations, credit unions, private banks, and trust companies. Section 326 requires the Secretary of the Treasury (Secretary) to jointly prescribe with each of the Agencies, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC), a regulation that, at a minimum, requires financial institutions to implement reasonable procedures to verify the identity of any person seeking to open an account, to the extent reasonable and practicable maintain records of the information used to verify the person's identity and determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency. The Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA) (collectively, the Agencies), have jointly adopted a final rule to implement section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required To Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 (the Act). The Financial Crimes Enforcement Network, Treasury Office of the Comptroller of the Currency, Treasury Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of Thrift Supervision, Treasury National Credit Union Administration. Start Preamble Start Printed 90 AGENCIES:
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