American Financial Institutions' Privacy Act

Summary

American Financial Institutions' Privacy Act of 1999 - Precludes the Secretary of the Treasury and any Federal banking agency from prescribing any "Know Your Customer" regulation (a regulation requiring any depository institution to determine a customer's identity, sources of funds, and normal transactions and to monitor account activity for inconsistent transactions) unless specifically authorized to do so by a subsequent Act of Congress. Requires the Secretary and the Federal banking agencies to jointly conduct a comprehensive study and report to the Congress on the impact of such regulations upon certain civil liberties and financial relationships, the economic burden of such regulations on small depository institutions, and the practical alternatives.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 February 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 3 February 1999

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• Introduced in House

  summary · EN · 3 February 1999

  Open at official source

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