Nicholas J. Ketcha Jr., Director of the Federal Deposit Insurance Corporation, issues Financial Institution Letter FIL-133-98, establishing the “Know Your Customer,” requiring the nation’s commercial banks, to inquire of their customers from where they obtained their Federal Reserve Notes (Bills of Credit), and how they intend to spend them.  Each bank transaction would require a Federal tracking number, and all transactions would require customer identification.  Electronic transactions will be compared against “pre-established profiles.”  The amount of cash withdrawals, per transaction, will be limited.

       [added 4/15/2023]