[Code of Federal Regulations]
[Title 31, Volume 1]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR103.38]

[Page 421]
 
                  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 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]