MONEY LAUNDERING: Proposal by the Federal Reserve Board to require banks to develop "know-your-customer" policies. The rule would require banks to profile customer banking habits and then watch for deviations. Nearly identical rules were proposed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. The Office of Thrift Supervision is expected to issue a separate proposal shortly. To be published simultaneously in the Federal Register. Comments due 60 days after publication.
CAPITAL STANDARDS: Proposal by the National Credit Union Administration to create a prompt corrective action system. To be considered well- capitalized, a credit union would have to have net worth of 7%. Published Oct. 29. Comments due Jan. 27.