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Following the Patriot Act: What you need to know when providing prepaid cards
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Banking, Consumer Protection, Financial Stability, Legislation, Nonbank Financial, Risk Retention
Tuesday, March 29, 2016
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The Federal Reserve, Federal Deposit Insurance Corp., Financial Crimes Enforcement Network, National Credit Union Administration and the Office of the Comptroller of the Currency issued a joint guidance on how the Customer Identification Program, as set forth under the USA Patriot Act, should be applied to prepaid cards. Read on for clarity regarding who is a “customer” and what is an “account” under the program’s rule.
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