KYC: new FinCEN rule on information sharing

[Dan Geer]

>   http://www.treas.gov/fincen/po1044.htm

For what it is worth, the apparent consensus view amongst U.S.
financial institutions is that if "T+1" clearence and "straight
through processing" (STP) are to become operational realities,
then authentication and authorization credentials must be ones
that cross corporate boundaries.  In other words, the know your
customer (KYC) regime will include federated electronic identity
management at the personal level.  The Bank for International
Settlements (BIS) has already weighed in on the concept of 
extending KYC from money-laundering protection alone to a broader
and more critical role in general banking industry risk management.
See, for an example, 

http://www.bis.org/publ/bcbs85.htm#pgtop = summary

http://www.bis.org/publ/bcbs85.pdf = full publication

--dan


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