[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 403 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 403

To prohibit implementation of ``Know Your Customer'' regulations by the 
                       Federal banking agencies.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 10, 1999

  Mr. Allard (for himself and Mr. Santorum) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To prohibit implementation of ``Know Your Customer'' regulations by the 
                       Federal banking agencies.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PROHIBITION ON IMPLEMENTATION.

    (a) In General.--No regulation or amendment thereto prescribed by 
the Secretary of the Treasury or any Federal banking agency under 
subchapter II or III of chapter 53 of title 31, United States Code, 
chapter 2 of Public Law 91-508, or any other provision of Federal law, 
that requires a depository institution or any other private entity to 
obtain information concerning any person in connection with a financial 
transaction between such person and the depository institution or other 
private entity (commonly referred to as ``know your customer'' 
regulations) may be implemented or otherwise take effect on or after 
the date of enactment of this Act.
    (b) Definitions.--The terms ``Federal banking agency'' and 
``depository institution'' have the same meanings as in section 3 of 
the Federal Deposit Insurance Act.
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