Bank of American Corp. is declining to say whether it will issue a KYC statement to regulators over the U.S. Federal Reserve’s recent decision to allow financial institutions to verify accounts without KYC requirements.
The announcement is in response to a request by the U,S.
Securities and Exchange Commission to the bank to provide a written statement outlining its policy, which it has not yet done.
The SEC, which oversees financial institutions, had asked Bank of Americas last week to provide the statement, which would explain how the bank would treat customers who choose to open their accounts without requiring KYC verification.
BofA said it would not be able to provide such a statement until after the Fed releases its rules for banks.
The statement would include “the steps Bank of Americans will take to verify consumers’ identity, including the identification of the customer’s personal information, in the event of a request from the agency,” the bank said in a statement Tuesday.
“It is our position that the privacy and security of our customers’ information is of paramount importance and we are not able to support the SEC’s request until it is fully reviewed,” the statement said.
Bank of America said it is committed to providing our customers with the best possible privacy and identity protection services and that it has received assurances from the Federal Reserve that we will not violate the privacy or security of customers’ personal information.