[Code of Federal Regulations]
[Title 31, Volume 1]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR103.32]

[Page 395-396]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
                      CHAPTER I--MONETARY OFFICES,
                       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. 103.32  Records to be made and retained by persons having financial 
interests in foreign financial accounts.

    Records of accounts required by Sec. 103.24 to be reported to the 
Commissioner of Internal Revenue shall be retained by each person having 
a financial interest in or signature or other authority over any such 
account. Such

[[Page 396]]

records shall contain the name in which each such account is maintained, 
the number or other designation of such account, the name and address of 
the foreign bank or other person with whom such account is maintained, 
the type of such account, and the maximum value of each such account 
during the reporting period. Such records shall be retained for a period 
of 5 years and shall be kept at all times available for inspection as 
authorized by law. In the computation of the period of 5 years, there 
shall be disregarded any period beginning with a date on which the 
taxpayer is indicted or information instituted on account of the filing 
of a false or fraudulent Federal income tax return or failing to file a 
Federal income tax return, and ending with the date on which final 
disposition is made of the criminal proceeding.

[37 FR 6912, Apr. 5, 1972, as amended at 52 FR 11444, Apr. 8, 1987]