[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: 31CFR103.33]



[Page 400-406]

 

                  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, 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\

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    \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.

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    (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



[[Page 401]]



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 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



[[Page 402]]



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) A futures commission merchant or an introducing broker in 

commodities;

    (F) A wholly-owned domestic subsidiary of a futures commission 

merchant or an introducing broker in commodities;

    (G) The United States;

    (H) A state or local government; or

    (I) A federal, state or local government agency or instrumentality; 

and

    (ii) Funds transfers where both the originator and the beneficiary 

are the 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



[[Page 403]]



    (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 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



[[Page 404]]



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:

    (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) A futures commission merchant or an introducing broker in 

commodities;

    (F) A wholly-owned domestic subsidiary of a futures commission 

merchant or an introducing broker in commodities;

    (G) The United States;

    (H) A state or local government; or

    (I) 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;



[[Page 405]]



    (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 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



[[Page 406]]



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; 68 FR 65399, Nov. 20, 

2003]