Tag Archives: know your customer

ABA, Financial Groups Support AML Modernization Bill

ABA and several other financial groups yesterday thanked Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) for introducing an anti-money laundering and counter-terrorist financing modernization bill that will help prevent criminals from using shell companies to hide illicit activity.

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ABA Compliance Center Inbox, November/December 2017

Q: Can I keep a copy of a customer’s ID on file? I am working for a new bank and am being told that Section 326 of the Patriot Act (the Customer Identification Program rule) requires that banks keep a copy of the ID that the customer provided. I have heard that many small banks such as ours keep the copy in ...

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