[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR219.23]

[Page 459]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 219--REIMBURSEMENT FOR PROVIDING FINANCIAL RECORDS; RECORDKEEPING REQUIREMENTS FOR CERTAIN FINANCIAL RECORDS (REGULATION S)--Table of Contents
 
Subpart B--Recordkeeping and Reporting Requirements for Funds Transfers 
                        and Transmittals of Funds
 
Sec. 219.23  Recordkeeping and reporting requirements.

    (a) Domestic and international funds transfers by insured depository 
institutions. The Board and the Treasury are authorized to promulgate 
jointly recordkeeping and reporting requirements for domestic and 
international funds transfers by insured depository institutions 
whenever the agencies determine that the maintenance of such records has 
a high degree of usefulness in criminal, tax, or regulatory 
investigations or proceedings. These regulations are codified at 31 CFR 
103.33(e). For the purposes of this subpart, the provisions of 31 CFR 
103.33(e) apply only to funds transfers by insured depository 
institutions.
    (b) International transmittals of funds by financial institutions 
other than insured depository institutions. The Board and the Treasury 
are required to promulgate jointly reporting and recordkeeping 
requirements for international transmittals of funds by financial 
institutions, including brokers and dealers in securities and businesses 
that provide money transmitting services. In prescribing these 
requirements, the Board and the Treasury take into account the 
usefulness of these records in criminal, tax, or regulatory 
investigations or proceedings and the effect the recordkeeping will have 
on the cost and efficiency of the payment system. These regulations are 
codified at 31 CFR 103.33(f). For the purposes of this subpart, the 
provisions of 31 CFR 103.33(f) apply only to international transmittals 
of funds.

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