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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Law Firms

Government Agencies