[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: 31CFR103.35]



[Page 408-409]

 

                  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. 103.35  Additional records to be made and retained by brokers or 

dealers in securities.



    (a)(1) With respect to each brokerage account opened with a broker 

or dealer in securities after June 30, 1972, and before October 1, 2003, 

by a person residing or doing business in the United States or a citizen 

of the United States, such broker or dealer shall within 30 days from 

the date such account is opened, secure and maintain a record of the 

taxpayer identification number of the person maintaining the account; or 

in the case of an account of one or more individuals, such broker or 

dealer shall secure and maintain a record of the social security number 

of an individual having a financial interest in that account. In the 

event that a broker or dealer has been unable to secure the 

identification required within the 30-day period specified, 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. Where a 

person is a non-resident alien, the broker or dealer in securities 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 

broker or dealer.

    (3) A taxpayer identification number for a deposit or share account 

required under paragraph (a)(1) of this section need not be secured in 

the following instances: (i) Accounts for public funds opened by 

agencies and instrumentalities of Federal, state, local, or foreign 

governments, (ii) accounts for aliens who are (a) ambassadors, 

ministers, career diplomatic or consular officers, or



[[Page 409]]



(b) naval, military or other attaches of foreign embassies, and 

legations, and for the members of their immediate families, (iii) 

accounts for aliens who are accredited representatives to international 

organizations which are entitled to enjoy privileges, exemptions, and 

immunities as an international organization under the International 

Organizations Immunities Act of December 29, 1945 (22 U.S.C. 288), and 

for the members of their immediate families, (iv) aliens temporarily 

residing in the United States for a period not to exceed 180 days, (v) 

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, and 

(vi) unincorporated subordinate units of a tax exempt central 

organization which are covered by a group exemption letter.

    (b) Every broker or dealer in securities 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 or trading authority over each 

customer's account;

    (2) Each record described in Sec. 240.17a-3(a) (1), (2), (3), (5), 

(6), (7), (8), and (9) of Title 17, Code of Federal Regulations;

    (3) A record of each remittance or transfer of funds, or of 

currency, checks, other monetary instruments, investment securities, or 

credit, of more than $10,000 to a person, account, or place, outside the 

United States;

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

instruments, checks, or investment securities 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 any 

person, account or place outside the United States.



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

1505-0063)



[37 FR 26518, Dec. 13, 1972, as amended at 38 FR 2176, Jan. 22, 1973; 52 

FR 11444, Apr. 8, 1987; 68 FR 25129, May 9, 2003]