Circular
Proposed Rules on Customer Identification
July 23, 2002
Circular No. 11454

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In a Federal Register notice, the Department of the Treasury, Federal Reserve Board, National Credit Union Administration, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Office of Thrift Supervision, Commodity Futures Trading Commission, and Securities and Exchange Commission invite comments, due September 6, 2002, on proposed rules requiring financial institutions to establish minimum procedures for identifying and verifying the identity of customers seeking to open new financial accounts. The proposed rules implement Section 326 of the USA PATRIOT Act.

Attached are the rules proposed for five categories of financial institutions: banks, savings associations, and credit unions; broker-dealers; futures commission merchants and introducing brokers; mutual funds, and banks lacking a federal functional regulator.

Questions on this matter may be directed, at this Bank, to Nicholas Farco, Examining Officer, Legal and Compliance Risk Department.