Difference between revisions of "Bank Secrecy Act"
(Creating Bank Secrecy Act, Pub L. No. 91-508) |
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(c) IMMEDIATE TERMINATION OF ‘‘KNOW YOUR CUSTOMER’’ REGULATIONS.—Any regulation prescribed by the Secretary of the Treasury or any Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act) under subchapter II or III of chapter 53 of title 31, United States Code, chapter 2 of Public Law 91–508, section 21 of the Federal Deposit Insurance Act, or any other provision of Federal law, that has the effect of requiring a depository institution (as defined in section 3 of the Federal Deposit Insurance Act) or any other private entity— (1) to monitor the account of any customer of the institution or entity; or (2) to obtain information concerning any person in connection with a financial transaction at the institution or entity, including the source of any funds involved in the transaction, (commonly referred to as ‘‘know your customer’’ regulations) shall cease to be effective as of the date of the enactment of this Act and no such regulation may be prescribed after such date. | (c) IMMEDIATE TERMINATION OF ‘‘KNOW YOUR CUSTOMER’’ REGULATIONS.—Any regulation prescribed by the Secretary of the Treasury or any Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act) under subchapter II or III of chapter 53 of title 31, United States Code, chapter 2 of Public Law 91–508, section 21 of the Federal Deposit Insurance Act, or any other provision of Federal law, that has the effect of requiring a depository institution (as defined in section 3 of the Federal Deposit Insurance Act) or any other private entity— (1) to monitor the account of any customer of the institution or entity; or (2) to obtain information concerning any person in connection with a financial transaction at the institution or entity, including the source of any funds involved in the transaction, (commonly referred to as ‘‘know your customer’’ regulations) shall cease to be effective as of the date of the enactment of this Act and no such regulation may be prescribed after such date. | ||
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'''Related harms under the Solove Taxonomy:'''(1)-Surveillance, (2)-Aggregation | '''Related harms under the Solove Taxonomy:'''(1)-Surveillance, (2)-Aggregation | ||
| − | '''Scope of the law''' '' | + | '''Scope of the law''' ''Insured Banks'' and ''Insured Institutions'' subject to the jurisdiction of the US Federal Government and States. |
Revision as of 00:10, 12 February 2020
[https://uscode.house.gov/statutes/pl/91/508.pdfBank Secrecy Act, Pub L. No. 91-508]
Text of Law
(c) IMMEDIATE TERMINATION OF ‘‘KNOW YOUR CUSTOMER’’ REGULATIONS.—Any regulation prescribed by the Secretary of the Treasury or any Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act) under subchapter II or III of chapter 53 of title 31, United States Code, chapter 2 of Public Law 91–508, section 21 of the Federal Deposit Insurance Act, or any other provision of Federal law, that has the effect of requiring a depository institution (as defined in section 3 of the Federal Deposit Insurance Act) or any other private entity— (1) to monitor the account of any customer of the institution or entity; or (2) to obtain information concerning any person in connection with a financial transaction at the institution or entity, including the source of any funds involved in the transaction, (commonly referred to as ‘‘know your customer’’ regulations) shall cease to be effective as of the date of the enactment of this Act and no such regulation may be prescribed after such date.
Related harms under the Solove Taxonomy:(1)-Surveillance, (2)-Aggregation
Scope of the law Insured Banks and Insured Institutions subject to the jurisdiction of the US Federal Government and States.