{
  "id": "RS20026",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RS20026",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 102422,
      "date": "2001-08-31",
      "retrieved": "2016-05-24T20:21:11.388941",
      "title": "Banking's Proposed \"Know Your Customer\" Rules",
      "summary": "On December 7, 1998, federal banking regulators proposed regulations that would have required\nbanks and thrifts to develop formal policies and procedures to identify unusual transactions in\ncustomers' accounts to report as suspicious activity in conjunction with the federal laws outlawing\nmoney laundering. Since 1996, banks have been required to report suspicious activity. Many\ninstitutions have maintained know-your-customer procedures on an informal basis. Formal\nprocedures subject to regulatory scrutiny would have been, however, an innovation. On March 23,\n1999, the regulators issued a joint statement withdrawing the proposal, having received an\nunprecedented number of comments.  (1)  Small banks criticized the increased\ncosts of screening.\nIndividuals and businesses raised privacy concerns. Although there were varied proposals before\nthe 106th Congress on the issue, no legislation was enacted. The issue likeliest to command\nattention\nin the 107th Congress is international money laundering. There have been recent instances in which\nbanking regulators imposed corrective action, comparable to the Know Your Customer requirements,\non several international banking institutions after unearthing potential money laundering activity.\n     1.  \u00a0The FDIC received 254, 394 comments with an\n\"overwhelming majority\" \"strongly opposed.\" 64  Fed. Reg.\n 14845 (March 29, 1999).",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
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          "encoding": "utf-8",
          "url": "http://www.crs.gov/Reports/RS20026",
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      "topics": []
    }
  ],
  "topics": [
    "American Law"
  ]
}