[Code of Federal Regulations]
[Title 31, Volume 1]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR103.33]

[Page 373-379]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
                       DEPARTMENT OF THE TREASURY
 
PART 103--FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN 
TRANSACTIONS--Table of Contents
 
              Subpart C--Records Required To Be Maintained
 
Sec. 103.33  Records to be made and retained by financial institutions.

    Each financial institution shall retain either the original or a 
microfilm or other copy or reproduction of each of the following:
    (a) A record of each extension of credit in an amount in excess of 
$10,000, except an extension of credit secured by an interest in real 
property, which record shall contain the name and address of the person 
to whom the extension of credit is made, the amount thereof, the nature 
or purpose thereof, and the date thereof;
    (b) A record of each advice, request, or instruction received or 
given regarding any transaction resulting (or intended to result and 
later canceled if such a record is normally made) in the transfer of 
currency or other monetary instruments, funds, checks, investment 
securities, or credit, of more than $10,000 to or from any person, 
account, or place outside the United States.
    (c) A record of each advice, request, or instruction given to 
another financial institution or other person located within or without 
the United States,

[[Page 374]]

regarding a transaction intended to result in the transfer of funds, or 
of currency, other monetary instruments, checks, investment securities, 
or credit, of more than $10,000 to a person, account or place outside 
the United States.
    (d) A record of such information for such period of time as the 
Secretary may require in an order issued under Sec. 103.26(a), not to 
exceed five years.
    (e) Banks. Each agent, agency, branch, or office located within the 
United States of a bank is subject to the requirements of this paragraph 
(e) with respect to a funds transfer in the amount of $3,000 or more:
    (1) Recordkeeping requirements. (i) For each payment order that it 
accepts as an originator's bank, a bank shall obtain and retain either 
the original or a microfilm, other copy, or electronic record of the 
following information relating to the payment order:
    (A) The name and address of the originator;
    (B) The amount of the payment order;
    (C) The execution date of the payment order;
    (D) Any payment instructions received from the originator with the 
payment order;
    (E) The identity of the beneficiary's bank; and
    (F) As many of the following items as are received with the payment 
order: \1\
---------------------------------------------------------------------------

    \1\ For funds transfers effected through the Federal Reserve's 
Fedwire funds transfer system, only one of the items is required to be 
retained, if received with the payment order, until such time as the 
bank that sends the order to the Federal Reserve Bank completes its 
conversion to the expanded Fedwire message format.
---------------------------------------------------------------------------

    (1) The name and address of the beneficiary;
    (2) The account number of the beneficiary; and
    (3) Any other specific identifier of the beneficiary.
    (ii) For each payment order that it accepts as an intermediary bank, 
a bank shall retain either the original or a microfilm, other copy, or 
electronic record of the payment order.
    (iii) For each payment order that it accepts as a beneficiary's 
bank, a bank shall retain either the original or a microfilm, other 
copy, or electronic record of the payment order.
    (2) Originators other than established customers. In the case of a 
payment order from an originator that is not an established customer, in 
addition to obtaining and retaining the information required in 
paragraph (e)(1)(i) of this section:
    (i) If the payment order is made in person, prior to acceptance the 
originator's bank shall verify the identity of the person placing the 
payment order. If it accepts the payment order, the originator's bank 
shall obtain and retain a record of the name and address, the type of 
identification reviewed, the number of the identification document 
(e.g., driver's license), as well as a record of the person's taxpayer 
identification number (e.g., social security or employer identification 
number) or, if none, alien identification number or passport number and 
country of issuance, or a notation in the record of the lack thereof. If 
the originator's bank has knowledge that the person placing the payment 
order is not the originator, the originator's bank shall obtain and 
retain a record of the originator's taxpayer identification number 
(e.g., social security or employer identification number) or, if none, 
alien identification number or passport number and country of issuance, 
if known by the person placing the order, or a notation in the record of 
the lack thereof.
    (ii) If the payment order accepted by the originator's bank is not 
made in person, the originator's bank shall obtain and retain a record 
of name and address of the person placing the payment order, as well as 
the person's taxpayer identification number (e.g., social security or 
employer identification number) or, if none, alien identification number 
or passport number and country of issuance, or a notation in the record 
of the lack thereof, and a copy or record of the method of payment 
(e.g., check or credit card transaction) for the funds transfer. If the 
originator's bank has knowledge that the person placing the payment 
order is not the originator, the originator's bank shall obtain and 
retain a record of the originator's taxpayer identification number 
(e.g., social security or

[[Page 375]]

employer identification number) or, if none, alien identification number 
or passport number and country of issuance, if known by the person 
placing the order, or a notation in the record of the lack thereof.
    (3) Beneficiaries other than established customers. For each payment 
order that it accepts as a beneficiary's bank for a beneficiary that is 
not an established customer, in addition to obtaining and retaining the 
information required in paragraph (e)(1)(iii) of this section:
    (i) if the proceeds are delivered in person to the beneficiary or 
its representative or agent, the beneficiary's bank shall verify the 
identity of the person receiving the proceeds and shall obtain and 
retain a record of the name and address, the type of identification 
reviewed, and the number of the identification document (e.g., driver's 
license), as well as a record of the person's taxpayer identification 
number (e.g., social security or employer identification number) or, if 
none, alien identification number or passport number and country of 
issuance, or a notation in the record of the lack thereof. If the 
beneficiary's bank has knowledge that the person receiving the proceeds 
is not the beneficiary, the beneficiary's bank shall obtain and retain a 
record of the beneficiary's name and address, as well as the 
beneficiary's taxpayer identification number (e.g., social security or 
employer identification number) or, if none, alien identification number 
or passport number and country of issuance, if known by the person 
receiving the proceeds, or a notation in the record of the lack thereof.
    (ii) if the proceeds are delivered other than in person, the 
beneficiary's bank shall retain a copy of the check or other instrument 
used to effect payment, or the information contained thereon, as well as 
the name and address of the person to which it was sent.
    (4) Retrievability. The information that an originator's bank must 
retain under paragraphs (e)(1)(i) and (e)(2) of this section shall be 
retrievable by the originator's bank by reference to the name of the 
originator. If the originator is an established customer of the 
originator's bank and has an account used for funds transfers, then the 
information also shall be retrievable by account number. The information 
that a beneficiary's bank must retain under paragraphs (e)(1)(iii) and 
(e)(3) of this section shall be retrievable by the beneficiary's bank by 
reference to the name of the beneficiary. If the beneficiary is an 
established customer of the beneficiary's bank and has an account used 
for funds transfers, then the information also shall be retrievable by 
account number. This information need not be retained in any particular 
manner, so long as the bank is able to retrieve the information required 
by this paragraph, either by accessing funds transfer records directly 
or through reference to some other record maintained by the bank.
    (5) Verification. Where verification is required under paragraphs 
(e)(2) and (e)(3) of this section, a bank shall verify a person's 
identity by examination of a document (other than a bank signature 
card), preferably one that contains the person's name, address, and 
photograph, that is normally acceptable by financial institutions as a 
means of identification when cashing checks for persons other than 
established customers. Verification of the identity of an individual who 
indicates that he or she is an alien or is not a resident of the United 
States may be made by passport, alien identification card, or other 
official document evidencing nationality or residence (e.g., a foreign 
driver's license with indication of home address).
    (6) Exceptions. The following funds transfers are not subject to the 
requirements of this section:
    (i) Funds transfers where the originator and beneficiary are any of 
the following:
    (A) A bank;
    (B) A wholly-owned domestic subsidiary of a bank chartered in the 
United States;
    (C) A broker or dealer in securities;
    (D) A wholly-owned domestic subsidiary of a broker or dealer in 
securities;
    (E) The United States;
    (F) A state or local government; or
    (G) A federal, state or local government agency or instrumentality; 
and
    (ii) Funds transfers where both the originator and the beneficiary 
are the

[[Page 376]]

same person and the originator's bank and the beneficiary's bank are the 
same bank.
    (f) Nonbank financial institutions. Each agent, agency, branch, or 
office located within the United States of a financial institution other 
than a bank is subject to the requirements of this paragraph (f) with 
respect to a transmittal of funds in the amount of $3,000 or more:
    (1) Recordkeeping requirements. (i) For each transmittal order that 
it accepts as a transmittor's financial institution, a financial 
institution shall obtain and retain either the original or a microfilm, 
other copy, or electronic record of the following information relating 
to the transmittal order:
    (A) The name and address of the transmittor;
    (B) The amount of the transmittal order;
    (C) The execution date of the transmittal order;
    (D) Any payment instructions received from the transmittor with the 
transmittal order;
    (E) The identity of the recipient's financial institution;
    (F) As many of the following items as are received with the 
transmittal order: \2\
---------------------------------------------------------------------------

    \2\ For transmittals of funds effected through the Federal Reserve's 
Fedwire funds transfer system by a domestic broker or dealers in 
securities, only one of the items is required to be retained, if 
received with the transmittal order, until such time as the bank that 
sends the order to the Federal Reserve Bank completes its conversion to 
the expanded Fedwire message format.
---------------------------------------------------------------------------

    (1) The name and address of the recipient;
    (2) The account number of the recipient; and
    (3) Any other specific identifier of the recipient; and
    (G) Any form relating to the transmittal of funds that is completed 
or signed by the person placing the transmittal order.
    (ii) For each transmittal order that it accepts as an intermediary 
financial institution, a financial institution shall retain either the 
original or a microfilm, other copy, or electronic record of the 
transmittal order.
    (iii) for each transmittal order that it accepts as a recipient's 
financial institution, a financial institution shall retain either the 
original or a microfilm, other copy, or electronic record of the 
transmittal order.
    (2) Transmittors other than established customers. In the case of a 
transmittal order from a transmittor that is not an established 
customer, in addition to obtaining and retaining the information 
required in paragraph (f)(1)(i) of this section:
    (i) If the transmittal order is made in person, prior to acceptance 
the transmittor's financial institution shall verify the identity of the 
person placing the transmittal order. If it accepts the transmittal 
order, the transmittor's financial institution shall obtain and retain a 
record of the name and address, the type of identification reviewed, and 
the number of the identification document (e.g., driver's license), as 
well as a record of the person's taxpayer identification number (e.g., 
social security or employer identification number) or, if none, alien 
identification number or passport number and country of issuance, or a 
notation in the record the lack thereof. If the transmittor's financial 
institution has knowledge that the person placing the transmittal order 
is not the transmittor, the transmittor's financial institution shall 
obtain and retain a record of the transmittor's taxpayer identification 
number (e.g., social security or employer identification number) or, if 
none, alien identification number or passport number and country of 
issuance, if known by the person placing the order, or a notation in the 
record the lack thereof.
    (ii) If the transmittal order accepted by the transmittor's 
financial institution is not made in person, the transmittor's financial 
institution shall obtain and retain a record of the name and address of 
the person placing the transmittal order, as well as the person's 
taxpayer identification number (e.g., social security or employer 
identification number) or, if none, alien identification number or 
passport number and country of issuance, or a notation in the record of 
the lack thereof, and a copy or record of the

[[Page 377]]

method of payment (e.g., check or credit card transaction) for the 
transmittal of funds. If the transmittor's financial institution has 
knowledge that the person placing the transmittal order is not the 
transmittor, the transmittor's financial institution shall obtain and 
retain a record of the transmittor's taxpayer identification number 
(e.g., social security or employer identification number) or, if none, 
alien identification number or passport number and country of issuance, 
if known by the person placing the order, or a notation in the record 
the lack thereof.
    (3) Recipients other than established customers. For each 
transmittal order that it accepts as a recipient's financial institution 
for a recipient that is not an established customer, in addition to 
obtaining and retaining the information required in paragraph 
(f)(1)(iii) of this section:
    (i) If the proceeds are delivered in person to the recipient or its 
representative or agent, the recipient's financial institution shall 
verify the identity of the person receiving the proceeds and shall 
obtain and retain a record of the name and address, the type of 
identification reviewed, and the number of the identification document 
(e.g., driver's license), as well as a record of the person's taxpayer 
identification number (e.g., social security or employer identification 
number) or, if none, alien identification number or passport number and 
country of issuance, or a notation in the record of the lack thereof. If 
the recipient's financial institution has knowledge that the person 
receiving the proceeds is not the recipient, the recipient's financial 
institution shall obtain and retain a record of the recipient's name and 
address, as well as the recipient's taxpayer identification number 
(e.g., social security or employer identification number) or, if none, 
alien identification number or passport number and country of issuance, 
if known by the person receiving the proceeds, or a notation in the 
record of the lack thereof.
    (ii) If the proceeds are delivered other than in person, the 
recipient's financial institution shall retain a copy of the check or 
other instrument used to effect payment, or the information contained 
thereon, as well as the name and address of the person to which it was 
sent.
    (4) Retrievability. The information that a transmittor's financial 
institution must retain under paragraphs (f)(1)(i) and (f)(2) of this 
section shall be retrievable by the transmittor's financial institution 
by reference to the name of the transmittor. If the transmittor is an 
established customer of the transmittor's financial institution and has 
an account used for transmittals of funds, then the information also 
shall be retrievable by account number. The information that a 
recipient's financial institution must retain under paragraphs 
(f)(1)(iii) and (f)(3) of this section shall be retrievable by the 
recipient's financial institution by reference to the name of the 
recipient. If the recipient is an established customer of the 
recipient's financial institution and has an account used for 
transmittals of funds, then the information also shall be retrievable by 
account number. This information need not be retained in any particular 
manner, so long as the financial institution is able to retrieve the 
information required by this paragraph, either by accessing transmittal 
of funds records directly or through reference to some other record 
maintained by the financial institution.
    (5) Verification. Where verification is required under paragraphs 
(f)(2) and (f)(3) of this section, a financial institution shall verify 
a person's identity by examination of a document (other than a customer 
signature card), preferably one that contains the person's name, 
address, and photograph, that is normally acceptable by financial 
institutions as a means of identification when cashing checks for 
persons other than established customers. Verification of the identity 
of an individual who indicates that he or she is an alien or is not a 
resident of the United States may be made by passport, alien 
identification card, or other official document evidencing nationality 
or residence (e.g., a foreign driver's license with indication of home 
address).
    (6) Exceptions. The following transmittals of funds are not subject 
to the requirements of this section:

[[Page 378]]

    (i) Transmittals of funds where the transmittor and the recipient 
are any of the following:
    (A) A bank;
    (B) A wholly-owned domestic subsidiary of a bank chartered in the 
United States;
    (C) A broker or dealer in securities;
    (D) A wholly-owned domestic subsidiary of a broker or dealer in 
securities;
    (E) The United States;
    (F) A state or local government; or
    (G) A federal, state or local government agency or instrumentality; 
and
    (ii) Transmittals of funds where both the transmittor and the 
recipient are the same person and the transmittor's financial 
institution and the recipient's financial institution are the same 
broker or dealer in securities.
    (g) Any transmittor's financial institution or intermediary 
financial institution located within the United States shall include in 
any transmittal order for a transmittal of funds in the amount of $3,000 
or more, information as required in this paragraph (g):
    (1) A transmittor's financial institution shall include in a 
transmittal order, at the time it is sent to a receiving financial 
institution, the following information:
    (i) The name and, if the payment is ordered from an account, the 
account number of the transmittor;
    (ii) The address of the transmittor, except for a transmittal order 
through Fedwire until such time as the bank that sends the order to the 
Federal Reserve Bank completes its conversion to the expanded Fedwire 
format;
    (iii) The amount of the transmittal order;
    (iv) The execution date of the transmittal order;
    (v) The identity of the recipient's financial institution;
    (vi) As many of the following items as are received with the 
transmittal order: \3\
---------------------------------------------------------------------------

    \3\ For transmittals of funds effected through the Federal Reserve's 
Fedwire funds transfer system by a financial institution, only one of 
the items is required to be included in the transmittal order, if 
received with the sender's transmittal order, until such time as the 
bank that sends the order to the Federal Reserve Bank completes its 
conversion to the expanded Fedwire message format.
---------------------------------------------------------------------------

    (A) The name and address of the recipient;
    (B) The account number of the recipient;
    (C) Any other specific identifier of the recipient; and
    (vii) Either the name and address or numerical identifier of the 
transmittor's financial institution.
    (2) A receiving financial institution that acts as an intermediary 
financial institution, if it accepts a transmittal order, shall include 
in a corresponding transmittal order at the time it is sent to the next 
receiving financial institution, the following information, if received 
from the sender:
    (i) The name and the account number of the transmittor;
    (ii) The address of the transmittor, except for a transmittal order 
through Fedwire until such time as the bank that sends the order to the 
Federal Reserve Bank completes its conversion to the expanded Fedwire 
format;
    (iii) The amount of the transmittal order;
    (iv) The execution date of the transmittal order;
    (v) The identity of the recipient's financial institution;
    (vi) As many of the following items as are received with the 
transmittal order: \4\
---------------------------------------------------------------------------

    \4\ For transmittals of funds effected through the Federal Reserve's 
Fedwire funds transfer system by a financial institution, only one of 
the items is required to be included in the transmittal order, if 
received with the sender's transmittal order, until such time as the 
bank that sends the order to the Federal Reserve Bank completes its 
conversion to the expanded Fedwire message format.
---------------------------------------------------------------------------

    (A) The name and address of the recipient;
    (B) The account number of the recipient;
    (C) Any other specific identifier of the recipient; and
    (vii) Either the name and address or numerical identifier of the 
transmittor's financial institution.
    (3) Safe harbor for transmittals of funds prior to conversion to the 
expanded Fedwire message format. The following provisions apply to 
transmittals of

[[Page 379]]

funds effected through the Federal Reserve's Fedwire funds transfer 
system or otherwise by a financial institution before the bank that 
sends the order to the Federal Reserve Bank or otherwise completes its 
conversion to the expanded Fedwire message format.
    (i) Transmittor's financial institution. A transmittor's financial 
institution will be deemed to be in compliance with the provisions of 
paragraph (g)(1) of this section if it:
    (A) Includes in the transmittal order, at the time it is sent to the 
receiving financial institution, the information specified in paragraphs 
(g)(1)(iii) through (v), and the information specified in paragraph 
(g)(1)(vi) of this section to the extent that such information has been 
received by the financial institution, and
    (B) Provides the information specified in paragraphs (g)(1)(i), (ii) 
and (vii) of this section to a financial institution that acted as an 
intermediary financial institution or recipient's financial institution 
in connection with the transmittal order, within a reasonable time after 
any such financial institution makes a request therefor in connection 
with the requesting financial institution's receipt of a lawful request 
for such information from a federal, state, or local law enforcement or 
financial regulatory agency, or in connection with the requesting 
financial institution's own Bank Secrecy Act compliance program.
    (ii) Intermediary financial institution. An intermediary financial 
institution will be deemed to be in compliance with the provisions of 
paragraph (g)(2) of this section if it:
    (A) Includes in the transmittal order, at the time it is sent to the 
receiving financial institution, the information specified in paragraphs 
(g)(2)(iii) through (g)(2)(vi) of this section, to the extent that such 
information has been received by the intermediary financial institution; 
and
    (B) Provides the information specified in paragraphs (g)(2)(i), (ii) 
and (vii) of this section, to the extent that such information has been 
received by the intermediary financial institution, to a financial 
institution that acted as an intermediary financial institution or 
recipient's financial institution in connection with the transmittal 
order, within a reasonable time after any such financial institution 
makes a request therefor in connection with the requesting financial 
institution's receipt of a lawful request for such information from a 
federal, state, or local law enforcement or regulatory agency, or in 
connection with the requesting financial institution's own Bank Secrecy 
Act compliance program.
    (iii) Obligation of requesting financial institution. Any 
information requested under paragraph (g)(3)(i)(B) or (g)(3)(ii)(B) of 
this section shall be treated by the requesting institution, once 
received, as if it had been included in the transmittal order to which 
such information relates.
    (4) Exceptions. The requirements of this paragraph (g) shall not 
apply to transmittals of funds that are listed in paragraph (e)(6) or 
(f)(6) of this section.

(Approved by the Office of Management and Budget under control number 
1505-0063)

[37 FR 6912, Apr. 5, 1972, as amended at 52 FR 11444, Apr. 8, 1987; 54 
FR 33679, Aug. 16, 1989; 60 FR 229, 238, Jan. 3, 1995; 61 FR 14385, 
14388, Apr. 1, 1996; 61 FR 18250, Apr. 25, 1996]