31 CFR 1020.220 - Customer identification programs for banks, savings associations, credit unions, and certain non-Federally regulated banks

Cite as31 CFR 1020.220
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53 practice notes
19 cases
  • Fremont Reorganizing Corp. v. Duke, Case No. 10–11923.
    • United States
    • U.S. District Court — Eastern District of Michigan
    • September 12, 2011
    ...opened at Chase displayed such unusual activity that Chase, which had a duty under federal regulations to “know their customer,” see 31 C.F.R. § 1020.220(a)-(c), should have detected fraudulent activity and interdicted it or warned the plaintiff. The plaintiff alleges that, assuming the ban......
  • Buquer v. City of Indianapolis, No. 1:11–cv–708–SEB–MJD.
    • United States
    • United States District Courts. 7th Circuit. United States District Court (Southern District of Indiana)
    • June 24, 2011
    ...declined to prohibit financial institutions from relying on particular forms of foreign government-issued identification. See 31 C.F.R. § 1020.220; 68 Fed.Reg. 55335, 55336 (Sept. 25, 2006). Thus, while these regulations may not create a direct conflict with Section 18, they are further evi......
  • Flinn v. Santander Bank, N.A., CIVIL ACTION NO. 18-11599-WGY
    • United States
    • United States District Courts. 1st Circuit. United States District Courts. 1st Circuit. District of Massachusetts
    • February 11, 2019
    ...the Gramm-Leach-Bliley and Federal Bank Secrecy acts. See Compl. ¶¶ 128-29 (citing 15 U.S.C. § 6801 et. seq. ; 31 U.S.C. § 5311 ; 31 C.F.R. § 1020.220 et. seq. ). But Chapter 93A claims do not require proof of a violation of a federal statute. See Mass. Gen. Laws ch. 93A § 2(a) ; cf. McDerm......
  • Grad v. Associated Bank, Appeal No. 2010AP1461
    • United States
    • Court of Appeals of Wisconsin
    • June 7, 2011
    ...risk-based procedures sufficient for the bank to "form a reasonablePage 18belief that it knows the true identity of each customer." 31 C.F.R. § 1020.220(a)(1), (2).2 At a minimum, the bank must collect, before opening an account, the prospective business customer's name, address, and taxpay......
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10 firm's commentaries
  • FinCEN Issues Final Rules for Customer Due Diligence Requirements
    • United States
    • JD Supra United States
    • May 16, 2016
    ...be on alert for the coming of enhanced beneficial owner identification requirements from their respective regulators. 1 31 C.F.R. §§ 1010, 1020, 1023, et al., Customer Due Diligence Requirements for Financial Institutions – Final Rule (May 11, 2016), available at 2 Prepart of its customer d......
  • Federal Regulators Clarify Bank CIP Obligations for Prepaid Cardholders
    • United States
    • JD Supra United States
    • April 12, 2016
    ...rechargeable cards.”), while in the United States there is no requirement to show identification for non-reloadable cards. 4 See e.g. 31 C.F.R. §1020.220(a)(1) (banks); 31 C.F.R. §1023.220(a)(1) (broker-dealers). 5 31 C.F.R. §1020.100(a)(1). 6 See FFIEC Bank Secrecy Act/Anti-Money Launderin......
  • Corporate Transparency Act Creates National Database of Company Ownership Information
    • United States
    • JD Supra United States
    • January 18, 2021
    ...a whole or fractional interest in the entity." NDAA, Section 6403 §5336(f), p. 1234. 23 NDAA, Section 6403, p. 1218. 24 See, e.g., 31 CFR 1020.220(a) (prescribing customer identification program requirements for banks). 25 NDAA, Section 6403 §5336(c)(5), p. 1227. 26 Id. at Section 6403, p. ......
  • FTC Report Seeks Congressional Review of Data Broker Industry
    • United States
    • LexBlog United States
    • June 12, 2014
    ...if enacted, would add transparency across the industry and increase the ease of and opportunity for consumer access. [1] 31 C.F.R. §1020.220. [2] 15 U.S.C. §§ 1681 et seq. [3] In reaction to a 1997 FTC workshop on the personal identification data, industry participants more recently formed ......
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1 books & journal articles
  • FINANCIAL INSTITUTIONS FRAUD
    • United States
    • American Criminal Law Review Nbr. 58-3, July 2021
    • July 1, 2021
    ...25, 1990); see also USA Patriot Act, Pub. L. No. 107-56, Title III, § 361, 115 Stat. 272 (2001) (codif‌ied at 31 U.S.C. § 310). 251. 31 C.F.R. § 1020.220(a) (requiring each bank to, at the minimum, obtain documentation of each customer’s name, date of birth, address, and identif‌ication num......

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