[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: 31CFR103.32]



[Page 400]

 

                  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. 103.32  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 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]