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Federal Financial Regulators Set Standards for Bank Customer ID Programs

WASHINGTON-The federal financial institution regulators issued Bank Secrecy Act procedures for examining banks' customer identification programs last week. The Senate Banking Committee recently held a hearing on what the regulators are doing to prevent terrorist financing under the Bank Secrecy Act. Section 326 of the USA PATRIOT Act, which updated...

By Staff Writer | Updated on August 03, 2004

WASHINGTON-The federal financial institution regulators issued Bank Secrecy Act procedures for examining banks’ customer identification programs last week. The Senate Banking Committee recently held a hearing on what the regulators are doing to prevent terrorist financing under the Bank Secrecy Act. Section 326 of the USA PATRIOT Act, which updated the BSA, required financial institutions to establish customer identification programs (CIPs). “The procedures are designed to help financial institutions fully implement the new CIP requirements and facilitate a consistent supervisory approach among the federal financial institutions regulatory agencies,” a statement from the agencies read. The regulation implementing section 326 of the PATRIOT Act requires credit unions and other financial institutions to have written programs that include minimum requirements and are appropriate for the size and type of business. The CIP must be incorporated into anti-money laundering compliance programs, which are subject to the organization’s board approval. Compliance with the regulation has been required since Oct. 1, 2003.

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