U.S. Federal Reserve Will Issue New “Know Your Customer” Regulations

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Sunday, November 1, 1998

Author:

Bruce Zagaris

Volume:

14

Issue:

11

443-446

Abstract:

On October 2, 1998, the Federal Reserve Board approved draft regulations on “know your customer” that will require a higher level of due diligence for banks. Meanwhile, on October 16, 1998, the House cleared a Senate-passed anti-money laundering bill (H.R. 1750) and sent it to the White House for signature... [more]