Identity Checks Required on New Customers

By October 1 of this year, all banks, insurance companies, credit card companies, and money service businesses regardless of their size, must confirm the identity of a new customer wishing to open a new account and cross-check the name and address of the customer with the list of known or suspected terrorists. The rules exclude transactions not involving a customer of the bank-such as the purchase of a money order. If you wish to become immersed in all this, log on to the Financial Crimes Enforcement Network. (They are really not trying to enforce financial crimes, but to prevent them.)