[iwar] [fc:New.Rules.May.Require.Banks.Verify.ID]

From: Fred Cohen (fc@all.net)
Date: 2002-07-18 18:23:42


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Date: Thu, 18 Jul 2002 18:23:42 -0700 (PDT)
Subject: [iwar] [fc:New.Rules.May.Require.Banks.Verify.ID]
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New Rules May Require Banks Verify ID

Associated Press (Yahoo News) Wed Jul 17,12:37 PM ET

<a href="http://story.news.yahoo.com/news?tmpl=story2&cid=514&ncid=514&e=19&u=/ap/20020717/ap_on_go_ca_st_pe/banks_identification_1">http://story.news.yahoo.com/news?tmpl=story2&cid=514&ncid=514&e=19&u=/ap/20020717/ap_on_go_ca_st_pe/banks_identification_1
</a>

WASHINGTON (AP) - Banks, credit unions and other financial institutions
will be required to verify the identities of all people wanting to open
new accounts under new regulations proposed Wednesday by the Treasury
Department ( news - web sites).

People opening new accounts also will be checked against a
government-issued list of known or suspected terrorists.

The Sept. 11-related rules are being issued a week after FBI ( news -
web sites) officials told Congress that the hijackers were able to open
bank accounts with fake Social Security ( news - web sites) numbers that
were never checked.

Many large financial institutions already have policies in place to
check identities. The proposed rules, subject to a 45-day comment
period, likely will affect mostly smaller banks and credit unions.

A new computer system also being developed by Treasury and the Social
Security Administration ( news - web sites) that will let financial
institutions immediately verify Social Security numbers provided by
customers opening new accounts.

Under the proposed regulations, financial institutions, including banks,
savings associations, credit unions, securities brokers and dealers and
mutual funds, can decide what type of identifying information to
require. But the government at a minimum wants banks to obtain names,
birthdates, addresses and taxpayer identification numbers. Banks also
must develop procedures to check identification and will be required to
maintain records used for verification.

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