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FDIC 'Know-Your-Customer' Rules To Be Dropped?

Tax-news.com

23 March 1999

At a meeting of the US Federal Deposit Insurance Corporation the Chairman Donna Tanoue announced that the FDICs survey of attitudes to its proposed new rules (that banks should have to analyze their customers' transaction patterns and know the source of funds) had uncovered massive resistance: more than 250,000 e-mails, letters and post-cards against the proposals were received, with fewer than 100 being in favour! It is likely that the FDIC will drop its proposals.

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