The Tension Between Privacy And 'Know Your Customer'

Law360, New York (May 4, 2016, 11:36 AM EDT) -- Ransomware, spyware, spoofing and phishing attacks, among other things, have made customers weary of sharing their information. Financial institutions, on the other hand, have a legitimate need for the very information that customers seek to protect. This tension between the customer's desire for privacy and the financial institution's need for information can strain the relationship.

Some "Know Your Customer" Basics

To comply with the KYC requirements, a financial institution, which is broadly defined (see 31 U.S.C. §5312), must run various searches and collect basic information about its customers; those who pose a higher risk require more detailed information. A customer's higher...

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