[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: 31CFR103.38]



[Page 412-413]

 

                  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. 103.38  Nature of records and retention period.



    (a) Wherever it is required that there be retained either the 

original or a microfilm or other copy or reproduction of a check, draft, 

monetary instrument, investment security, or other similar instrument, 

there shall be retained a copy of both front and back of each such 

instrument or document, except that no copy need be retained of the back 

of any instrument or document which is entirely blank or which contains 

only standardized printed information, a copy of which is on file.

    (b) Records required by this subpart to be retained by financial 

institutions may be those made in the ordinary course of business by a 

financial institution. If no record is made in the ordinary course of 

business of any transaction with respect to which records are required 

to be retained by this subpart, then such a record shall be prepared in 

writing by the financial institution.

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

under 26 U.S.C. 6109 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.

    (d) All records that are required to be retained by this part shall 

be retained



[[Page 413]]



for a period of five years. Records or reports required to be kept 

pursuant to an order issued under Sec. 103.26 of this part shall be 

retained for the period of time specified in such order, not to exceed 

five years. All such records shall be filed or stored in such a way as 

to be accessible within a reasonable period of time, taking into 

consideration the nature of the record, and the amount of time expired 

since the record was made.



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

1505-0063)



[37 FR 6912, Apr. 5, 1972. Redesignated at 50 FR 5068, Feb. 6, 1985, and 

further redesignated and amended at 52 FR 11444, 11445, Apr. 8, 1987; 54 

FR 33679, Aug. 16, 1989]