[Code of Federal Regulations]

[Title 31, Volume 1]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR103.29]



[Page 393]

 

                  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 B_Reports Required To Be Made

 

Sec. 103.29  Purchases of bank checks and drafts, cashier's checks, 

money orders and traveler's checks.



    (a) No financial institution may issue or sell a bank check or 

draft, cashier's check, money order or traveler's check for $3,000 or 

more in currency unless it maintains records of the following 

information, which must be obtained for each issuance or sale of one or 

more of these instruments to any individual purchaser which involves 

currency in amounts of $3,000-$10,000 inclusive:

    (1) If the purchaser has a deposit account with the financial 

institution:

    (i)(A) The name of the purchaser;

    (B) The date of purchase;

    (C) The type(s) of instrument(s) purchased;

    (D) The serial number(s) of each of the instrument(s) purchased; and

    (E) The amount in dollars of each of the instrument(s) purchased.

    (ii) In addition, the financial institution must verify that the 

individual is a deposit accountholder or must verify the individual's 

identity. Verification may be either through a signature card or other 

file or record at the financial institution provided the deposit 

accountholder's name and address were verified previously and that 

information was recorded on the signature card or other file or record; 

or by examination of a document which is normally acceptable within the 

banking community as a means of identification when cashing checks for 

nondepositors and which contains the name and address of the purchaser. 

If the deposit accountholder's identity has not been verified 

previously, the financial institution shall verify the deposit 

accountholder's identity by examination of a document which is normally 

acceptable within the banking community as a means of identification 

when cashing checks for nondepositors and which contains the name and 

address of the purchaser, and shall record the specific identifying 

information (e.g., State of issuance and number of driver's license).

    (2) If the purchaser does not have a deposit account with the 

financial institution:

    (i)(A) The name and address of the purchaser;

    (B) The social security number of the purchaser, or if the purchaser 

is an alien and does not have a social security number, the alien 

identification number;

    (C) The date of birth of the purchaser;

    (D) The date of purchase;

    (E) The type(s) of instrument(s) purchased;

    (F) The serial number(s) of the instrument(s) purchased; and

    (G) The amount in dollars of each of the instrument(s) purchased.

    (ii) In addition, the financial institution shall verify the 

purchaser's name and address by examination of a document which is 

normally acceptable within the banking community as a means of 

identification when cashing checks for nondepositors and which contains 

the name and address of the purchaser, and shall record the specific 

identifying information (e.g., State of issuance and number of driver's 

license).

    (b) Contemporaneous purchases of the same or different types of 

instruments totaling $3,000 or more shall be treated as one purchase. 

Multiple purchases during one business day totaling $3,000 or more shall 

be treated as one purchase if an individual employee, director, officer, 

or partner of the financial institution has knowledge that these 

purchases have occurred.

    (c) Records required to be kept shall be retained by the financial 

institution for a period of five years and shall be made available to 

the Secretary upon request at any time.



[59 FR 52252, Oct. 17, 1994]



[[Page 394]]