31 CFR 1020.220 - Customer identification programs for banks, savings associations, credit unions, and certain non-Federally regulated banks
| Cite as | 31 CFR 1020.220 |
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53 practice notes
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Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B)
...a reasonable time after an account is opened, the collection of required customer information must occur prior to account opening. See 31 CFR 1020.220(a)(2)(i)(A) and (ii). For credit card accounts, a bank may obtain identifying information about a customer from a third-party source prior t......
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Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z)
...institutions would follow the customer identification and verification requirements set forth in FinCEN's CIP requirements for banks in 31 CFR 1020.220 or for providers and sellers of prepaid access in 31 CFR 1022.210(d)(1)(iv). However, it sought comment on whether FinCEN's regulations, as......
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Introduction to the Unified Agenda of Federal Regulatory and Deregulatory Actions
...programs for futures commission merchants and introducing brokers in commodities (31 CFR 1026.220); various depository institutions (31 CFR 1020.220); mutual funds (31 CFR 1024.220); securities broker-dealers (31 CFR 1023.220); report of international transportation of currency and monetary......
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Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers
...or maintained for non-U.S. persons.\89\ --------------------------------------------------------------------------- \87\ See, e.g., 31 CFR 1020.220, 1023.220, 1024.220, and \88\ See, e.g., 31 CFR 1010.653. \89\ See, e.g., 31 CFR 1020.610-620, 1023.610-620, 1024.610-620, and 1026.610-620. --......
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19 cases
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Fremont Reorganizing Corp. v. Duke, Case No. 10–11923.
...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......
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Buquer v. City of Indianapolis, No. 1:11–cv–708–SEB–MJD.
...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......
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Flinn v. Santander Bank, N.A., CIVIL ACTION NO. 18-11599-WGY
...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......
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Grad v. Associated Bank, Appeal No. 2010AP1461
...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
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FinCEN Issues Final Rules for Customer Due Diligence Requirements
...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......
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Federal Regulators Clarify Bank CIP Obligations for Prepaid Cardholders
...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......
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Corporate Transparency Act Creates National Database of Company Ownership Information
...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. ......
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FTC Report Seeks Congressional Review of Data Broker Industry
...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
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FINANCIAL INSTITUTIONS FRAUD
...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......