[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: 31CFR103.34]



[Page 406-408]

 

                  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. 103.34  Additional records to be made and retained by banks.



    (a)(1) With respect to each certificate of deposit sold or redeemed 

after May 31, 1978, and before October 1, 2003, or each deposit or share 

account opened with a bank after June 30, 1972, and before October 1, 

2003, a bank shall, within 30 days from the date such a transaction 

occurs or an account is opened, secure and maintain a record of the 

taxpayer identification number of the customer involved; or where the 

account or certificate is in the names of two or more persons, the bank 

shall secure the taxpayer identification number of a person having a 

financial interest in the certificate or account. In the event that a 

bank has been unable to secure, within the 30-day period specified, the 

required identification, it shall nevertheless not be deemed to be in 

violation of this section if (i) it has made a reasonable effort to 

secure such identification, and (ii) it maintains a list containing the 

names, addresses, and account numbers of those persons from whom it has 

been unable to secure such identification, and makes the names, 

addresses, and account numbers of those persons available to the 

Secretary as directed by him. A bank acting as an agent for another 

person in the purchase or redemption of a certificate of deposit issued 

by another bank is responsible for obtaining and recording the required 

taxpayer identification, as well as for maintaining the records referred 

to in paragraphs (b) (11) and (12) of this section. The issuing bank can 

satisfy the recordkeeping requirement by recording the name and address 

of the agent together with a description of the instrument and the date 

of the transaction. Where a person is a non-resident alien, the bank 

shall also record the person's passport number or a description of some 

other government document used to verify his identity.

    (2) The 30-day period provided for in paragraph (a)(1) of this 

section shall be extended where the person opening the account has 

applied for a taxpayer identification or social security number on Form 

SS-4 or SS-5, until such time as the person maintaining the account has 

had a reasonable opportunity to secure such number and furnish it to the 

bank.

    (3) A taxpayer identification number required under paragraph (a)(1) 

of this section need not be secured for accounts or transactions with 

the following: (i) Agencies and instrumentalities of Federal, state, 

local or foreign governments; (ii) judges, public officials, or clerks 

of courts of record as custodians of funds in controversy or



[[Page 407]]



under the control of the court; (iii) aliens who are (A) ambassadors, 

ministers, career diplomatic or consular officers, or (B) naval, 

military or other attaches of foreign embassies and legations, and for 

the members of their immediate families; (iv) aliens who are accredited 

representatives of international organizations which are entitled to 

enjoy privileges, exemptions and immunities as an international 

organization under the International Organization Immunities Act of 

December 29, 1945 (22 U.S.C. 288), and the members of their immediate 

families; (v) aliens temporarily residing in the United States for a 

period not to exceed 180 days; (vi) aliens not engaged in a trade or 

business in the United States who are attending a recognized college or 

university or any training program, supervised or conducted by any 

agency of the Federal Government; (vii) unincorporated subordinate units 

of a tax exempt central organization which are covered by a group 

exemption letter, (viii) a person under 18 years of age with respect to 

an account opened as a part of a school thrift savings program, provided 

the annual interest is less than $10; (ix) a person opening a Christmas 

club, vacation club and similar installment savings programs provided 

the annual interest is less than $10; and (x) non-resident aliens who 

are not engaged in a trade or business in the United States. In 

instances described in paragraphs (a)(3), (viii) and (ix) of this 

section, the bank shall, within 15 days following the end of any 

calendar year in which the interest accrued in that year is $10 or more 

use its best effort to secure and maintain the appropriate taxpayer 

identification number or application form therefor.

    (4) The rules and regulations issued by the Internal Revenue Service 

under section 6109 of the Internal Revenue Code of 1954 shall determine 

what constitutes a taxpayer identification number and whose number shall 

be obtained in the case of an account maintained by one or more persons.

    (b) Each bank shall, in addition, retain either the original or a 

microfilm or other copy or reproduction of each of the following:

    (1) Each document granting signature authority over each deposit or 

share account, including any notations, if such are normally made, of 

specific identifying information verifying the identity of the signer 

(such as a driver's license number or credit card number);

    (2) Each statement, ledger card or other record on each deposit or 

share account, showing each transaction in, or with respect to, that 

account;

    (3) Each check, clean draft, or money order drawn on the bank or 

issued and payable by it, except those drawn for $100 or less or those 

drawn on accounts which can be expected to have drawn on them an average 

of at least 100 checks per month over the calendar year or on each 

occasion on which such checks are issued, and which are (i) dividend 

checks, (ii) payroll checks, (iii) employee benefit checks, (iv) 

insurance claim checks, (v) medical benefit checks, (vi) checks drawn on 

government agency accounts, (vii) checks drawn by brokers or dealers in 

securities, (viii) checks drawn on fiduciary accounts, (ix) checks drawn 

on other financial institutions, or (x) pension or annuity checks;

    (4) Each item in excess of $100 (other than bank charges or periodic 

charges made pursuant to agreement with the customer), comprising a 

debit to a customer's deposit or share account, not required to be kept, 

and not specifically exempted, under paragraph (b)(3) of this section;

    (5) Each item, including checks, drafts, or transfers of credit, of 

more than $10,000 remitted or transferred to a person, account or place 

outside the United States;

    (6) A record of each remittance or 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;

    (7) Each check or draft in an amount in excess of $10,000 drawn on 

or issued by a foreign bank which the domestic bank has paid or 

presented to a nonbank drawee for payment;

    (8) Each item, including checks, drafts or transfers of credit, of 

more than $10,000 received directly and not



[[Page 408]]



through a domestic financial institution, by letter, cable or any other 

means, from a bank, broker or dealer in foreign exchange outside the 

United States;

    (9) A record of each receipt of currency, other monetary 

instruments, investment securities or checks, and of each transfer of 

funds or credit, of more than $10,000 received on any one occasion 

directly and not through a domestic financial institution, from a bank, 

broker or dealer in foreign exchange outside the United States; and

    (10) Records prepared or received by a bank in the ordinary course 

of business, which would be needed to reconstruct a transaction account 

and to trace a check in excess of $100 deposited in such account through 

its domestic processing system or to supply a description of a deposited 

check in excess of $100. This subparagraph shall be applicable only with 

respect to demand deposits.

    (11) A record containing the name, address, and taxpayer 

identification number as determined under section 6109 of the Internal 

Revenue Code of 1986, if available, of the purchaser of each certificate 

of deposit, as well as a description of the instrument, a notation of 

the method of payment, and the date of the transaction.

    (12) A record containing the name, address and taxpayer 

identification number as determined under section 6109 of the Internal 

Revenue Code of 1986, if available, of any person presenting a 

certificate of deposit for payment, as well as a description of the 

instrument and the date of the transaction.

    (13) Each deposit slip or credit ticket reflecting a transaction in 

excess of $100 or the equivalent record for direct deposit or other wire 

transfer deposit transactions. The slip or ticket shall record the 

amount of any currency involved.



(Approved by the Office of Management and Budget under control number 

1505-0063)



[38 FR 2175, Jan. 22, 1973, as amended at 38 FR 3509, Feb. 7, 1973; 43 

FR 21672, May 19, 1978; 52 FR 11444, Apr. 8, 1987; 68 FR 25109, May 9, 

2003]