cannabisnews.com: Bank Regulators Scrap Proposed Laundering Rule!





Bank Regulators Scrap Proposed Laundering Rule!
Posted by FoM on March 24, 1999 at 10:55:39 PT
It's been defeated!
Source: SF Gate
Banking regulators, responding to a deluge of privacy complaints, on Tuesday scrapped proposed rules to fight money laundering that would have demanded the tracking of bank customers' transaction patterns. 
The ``Know Your Customer'' rules were put out for public comment in December by four federal banking agencies. Since then, the Federal Deposit Insurance Corp. alone has received some 225,000 e-mail messages and letters, nearly all opposing the rules. Isn't this good news?
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