Money Laundering, Terrorism & Financial Institutions
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News Releases

9/19/2003 USA PATRIOT Act Monitor News Release: CIP Rules Unchanged After Survey

Customer Identification Rules Do Not Require Retention of Photocopies and Do Not Preclude Foreign Government Issued IDs Other Than Passports

A notice of inquiry published in the Federal Register for July 1, 2003, sought comment on (1) whether financial institutions should be required to retain photocopies of identification documents used to verify customer identities, and (2) whether financial institutions should be prohibited from accepting foreign government issued identification documents other than passports as an acceptable form of identification. Treasury received more than 34,000 responses, summarized as follows:

Total Comments: 34602

Photocopy Issue:
Total Comments Received: 10704
Total Comments Requesting No Change to the Final Regulation: 9623
Total Percent in Favor of No Change: 89.90%

Identification Card Issue:
Total Comments Received: 23898
Total Comments Requesting No Change to the Final Regulation: 19770
Total Percent in Favor of No Change: 82.73%

The Department has determined that it will not seek any changes to the final rules, and foreign issued identification documents, such as consular IDs, will remain acceptable. Also, financial institutions will not be required to maintain photocopies of identification documents. Treasury expects all financial institutions covered by the customer identification regulations to have CIPs drafted and approved by October 1, 2003. Further discussion of this release will appear in the October 2003 USA PATRIOT Act Monitor.

 

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