How to Review Secction Bank With 3 Attempts
FDIC Law, Regulations, Related Acts
[Table of Contents] 
8000 - Miscellaneous Statutes and Regulations
Role 1020—Dominion FOR BANKS
Subpart F—Definitions
§ 1020.100 Definitions.
Refer to § 1010.100 of this Chapter for general definitions not noted herein. To the extent there is a differing definition in § 1010.100 of this Chapter, the definition in this Department is what applies to Function 1020. Unless otherwise indicated, for purposes of this Part:
(a) Account. For purposes of § 1020.220:
(1) Account means a formal banking relationship established to provide or appoint in services, dealings, or other fiscal transactions including a deposit business relationship, a transaction or asset account, a credit account, or other extension of credit. Account likewise includes a relationship established to provide a safety deposit box or other safekeeping services, or cash direction, custodian, and trust services.
(2) Business relationship does not include:
(i) A product or service where a formal cyberbanking relationship is not established with a person, such equally cheque-cashing, wire transfer, or sale of a check or money order;
(2) An account that the bank acquires through an conquering, merger, purchase of assets, or assumption of liabilities; or
(three) An account opened for the purpose of participating in an employee benefit program established under the Employee Retirement Income Security Human activity of 1974.
(b)Customer. For the purposes of § 1020.220:
(one) Client means:
(i) A person that opens a new account; and
(2) An individual who opens a new account for:
(A) An individual who lacks legal capacity, such every bit a minor; or
(B) An entity that is not a legal person, such as a civic guild.
(ii) Customer does not include:
(i) A fiscal institution regulated by a Federal functional regulator or a banking company regulated by a State banking concern regulator;
(ii) A person described in § 1020.315(b)(ii) through (b)(4); or
(3) A person that has an existing account with the bank, provided that the banking concern has a reasonable belief that it knows the true identity of the person.
[Codified to 31 C.F.R. § 1020.100]
Section 1020.100 amended at 85 Fed. Reg. 57137, September 15, 2020, constructive November 16, 2020]
Subpart B—Programs
§ 1020.200 General.
Banks are subject to the plan requirements set forth and cross referenced in this subpart. Banks should also refer to Subpart B of Part 1010 of this Chapter for program requirements contained in that subpart which apply to banks.
[Codified to 31 C.F.R. § 1020.200]
§ 1020.210 Anti-money laundering program requirements for banks.
(a) Anti-money laundering program requirements for banks regulation by a Federal functional regulator, including banks, savings associations, and credit unions. A banking company regulated past a Federal functional regulator shall be deemed to satisfy the requirements of 31 United statesC. 5318(h)(1) if it implements and maintains an anti-coin laundering program that:
(i) Complies with the requirements of §§ 1010.610 and 1010.620 of this affiliate;
(2) Includes, at a minimum:
(i) A arrangement of internal controls to clinch ongoing compliance;
(ii) Independent testing for compliance to be conducted by bank personnel or past an outside party;
(three) Designation of an private or individuals responsible for coordinating and monitoring day-to-day compliance;
(iv) Grooming for appropriate personnel; and
(v) Appropriate adventure-based procedures for conducting ongoing customer due diligence, to include, but not be express to:
(A) Agreement the nature and purpose of client relationships for the purpose of developing a customer risk profile; and
(B) Conducting ongoing monitoring to identify and written report suspicious transactions and, on a risk basis, to maintain and update client information. For purposes of this paragraph, customer data shall include information regarding the beneficial owners of legal entity customers (as defined in § 1010.230 of this chapter); and
(three) Complies with the regulation of its Federal functional regulator governing such programs.
(b) Anti-coin laundering program requirements for banks lacking a Federal functional regulator including, but non express to, individual banks, not-federally insured credit unions, and certain trust companies. A bank defective a Federal functional regulator shall exist deemed to satisfy the requirements of 31 UsC. 5318(h)(1) if the bank establishes and maintains a written anti-coin laundering program that:
(1) Complies with the requirements of §§ 1010.610 and 1010.620 of this chapter; and
(2) Includes, at a minimum:
(i) A organization of internal controls to assure ongoing compliance with the Bank Secretarial assistant Act and the regulations ready forth in 31 CFR Chapter X;
(ii) Independent testing for compliance to exist conducted past bank personnel or by an outside role;
(3) Designation of an indivdual or individuals responsible for analogous and monitoring day-to-day compliance;
(iv) Preparation for appropriate personnel; and
(v) Appropriate take a chance-based procedures for conducting ongoing customer due diligence, to include, but not be limited to:
(A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and
(B) Conducting ongoing monitoring to identify and report suspicious transactions and, on a run a risk basis, to maintain and update customer data. For purposes of this paragraph, customer data shall include information regarding the benign owners of legal entity customers (as defined in § 1010.230);
(3) Is canonical by the board of directors or, if the bank does non take a lath of directors, an equivalent governing torso within the bank. The banking concern shall make a copy of its anti-money laundering programme bachelor to the Financial Crimes Enforcement Network or its designee upon asking.
[Codified to 31 C.F.R. § 1020.210]
[Section 1020.210 amended at 81 Fed. Reg. 29457, May 11, 2016; 85 Fed. Reg. 57137, September xv, 2020, effective Nov 16, 2020]
§ 1020.220 Customer identification program requirements for banks.
(a)Customer Identification Program: minimum requirements--(1)In general. A banking concern required to have an anti-coin laundering compliance plan nether the regulations implementing 31 U.S.C. 5318(h), 12 United statesC. 1818(s), or 12 U.Southward.C. 1786(q)(ane) must implement a written Customer Identification Program (CIP) appropriate for the bank's size and blazon of business that, at a minimum, includes each of the requirements of paragraphs (a)(1) through (5) of this section. The CIP must be a function of the anti-coin laundering compliance plan.
(2) Identity verification procedures. The CIP must include gamble- based procedures for verifying the identity of each client to the extent reasonable and practicable. The procedures must enable the bank to form a reasonable belief that information technology knows the true identity of each customer. These procedures must exist based on the banking company's cess of the relevant risks, including those presented past the diverse types of accounts maintained past the bank, the various methods of opening accounts provided by the bank, the various types of identifying information bachelor, and the bank'southward size, location, and client base. At a minimum, these procedures must contain the elements described in this paragraph (a)(2).
(i) Customer data required--(A) In general. The CIP must incorporate procedures for opening an account that specify the identifying information that will exist obtained from each customer. Except as permitted by paragraphs (a)(2)(i)(B) and (C) of this section, the bank must obtain, at a minimum, the following data from the customer prior to opening an account:
(i) Name;
(two) Engagement of birth, for an individual;
(3) Address, which shall be:
(i) For an individual, a residential or business street address;
(ii) For an private who does non have a residential or business organization street address, an Ground forces Postal service Office (APO) or Armada Post Office (FPO) box number, or the residential or business street address of adjacent of kin or of another contact individual; or
(iii) For a person other than an individual (such every bit a corporation, partnership, or trust), a master identify of business, local part, or other physical location; and
(4) Identification number, which shall be:
(i) For a U.S. person, a taxpayer identification number; or
(ii) For a non-U.Due south. person, 1 or more of the following: A taxpayer identification number; passport number and country of issuance; alien identification carte du jour number; or number and land of issuance of whatever other authorities-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.
Annotation to Paragraph(a)(2)(i)(A)(4)(2):
When opening an account for a strange business or enterprise that does not have an identification number, the bank must request culling regime-issued documentation certifying the existence of the business concern or enterprise.
(B) Exception for persons applying for a taxpayer identification number. Instead of obtaining a taxpayer identification number from a client prior to opening the account, the CIP may include procedures for opening an account for a client that has applied for, but has not received, a taxpayer identification number. In this instance, the CIP must include procedures to ostend that the application was filed earlier the customer opens the account and to obtain the taxpayer identification number within a reasonable period of time after the account is opened.
(C) Credit card accounts. In connection with a client who opens a credit card account, a bank may obtain the identifying information about a customer required under paragraph (a)(2)(i)(A) by acquiring it from a tertiary-party source prior to extending credit to the customer.
(ii) Customer verification. The CIP must incorporate procedures for verifying the identity of the customer, using information obtained in accordance with paragraph (a)(2)(i) of this section, within a reasonable fourth dimension afterwards the account is opened. The procedures must depict when the bank will apply documents, non-documentary methods, or a combination of both methods every bit described in this paragraph (a)(ii)(ii).
(A) Verification through documents. For a bank relying on documents, the CIP must contain procedures that ready forth the documents that the banking company will use. These documents may include:
(1) For an individual, unexpired government-issued identification evidencing nationality or residence and bearing a photograph or similar safeguard, such as a driver's license or passport; and
(two) For a person other than an individual (such as a corporation, partnership, or trust), documents showing the existence of the entity, such as certified articles of incorporation, a government-issued business license, a partnership agreement, or trust instrument.
(B) Verification through non-documentary methods. For a banking concern relying on non-documentary methods, the CIP must comprise procedures that describe the non-documentary methods the bank will use.
(1) These methods may include contacting a customer; independently verifying the customer'south identity through the comparing of information provided by the client with information obtained from a consumer reporting agency, public database, or other source; checking references with other financial institutions; and obtaining a fiscal statement.
(two) The bank's non-documentary procedures must address situations where an individual is unable to present an unexpired government-issued identification document that bears a photo or like safeguard; the bank is non familiar with the documents presented; the account is opened without obtaining documents; the customer opens the account without appearing in person at the bank; and where the depository financial institution is otherwise presented with circumstances that increase the take a chance that the banking company volition exist unable to verify the true identity of a client through documents.
(C) Additional verification for certain customers. The CIP must address situations where, based on the depository financial institution's risk assessment of a new account opened by a customer that is not an individual, the banking concern will obtain information about individuals with authority or control over such account, including signatories, in order to verify the customer's identity. This verification method applies only when the banking concern cannot verify the customer's true identity using the verification methods described in paragraphs (a)(ii)(ii)(A) and (B) of this section.
(iii) Lack of verification. The CIP must include procedures for responding to circumstances in which the bank cannot class a reasonable conventionalities that it knows the truthful identity of a client. These procedures should depict:
(A) When the banking concern should not open up an business relationship;
(B) The terms under which a client may utilize an account while the banking company attempts to verify the customer's identity;
(C) When the bank should close an account, after attempts to verify a customer'southward identity accept failed; and
(D) When the bank should file a Suspicious Activity Report in accordance with applicable police and regulation.
(three) Recordkeeping. The CIP must include procedures for making and maintaining a record of all information obtained under the procedures implementing paragraph (a) of this department.
(i) Required records. At a minimum, the record must include:
(A) All identifying information about a customer obtained nether paragraph (a)(ii)(i) of this department;
(B) A description of whatever document that was relied on nether paragraph (a)(2)(two)(A) of this section noting the type of document, whatever identification number contained in the certificate, the place of issuance and, if whatever, the date of issuance and expiration date;
(C) A description of the methods and the results of whatever measures undertaken to verify the identity of the client under paragraph (a)(2)(ii)(B) or (C) of this department; and
(D) A clarification of the resolution of any substantive discrepancy discovered when verifying the identifying information obtained.
(2) Retentiveness of records. The bank must retain the information in paragraph (a)(three)(i)(A) of this section for five years after the date the account is closed or, in the instance of credit menu accounts, five years afterwards the account is closed or becomes fallow. The banking company must retain the information in paragraphs (a)(3)(i)(B), (C), and (D) of this section for v years after the record is made.
(four) Comparison with authorities lists. The CIP must include procedures for determining whether the client appears on any list of known or suspected terrorists or terrorist organizations issued by whatsoever Federal regime agency and designated every bit such by Treasury in consultation with the Federal functional regulators. The procedures must require the bank to make such a determination within a reasonable menstruation of time afterward the business relationship is opened, or earlier, if required by another Federal constabulary or regulation or Federal directive issued in connection with the applicable list. The procedures must also require the bank to follow all Federal directives issued in connectedness with such lists.
(five)(i) Customer notice. The CIP must include procedures for providing bank customers with acceptable find that the bank is requesting information to verify their identities.
(ii) Acceptable detect. Detect is adequate if the depository financial institution generally describes the identification requirements of this section and provides the observe in a fashion reasonably designed to ensure that a customer is able to view the notice, or is otherwise given notice, earlier opening an account. For example, depending upon the manner in which the account is opened, a depository financial institution may post a notice in the vestibule or on its Web site, include the notice on its business relationship applications, or use any other form of written or oral notice.
(iii) Sample notice. If appropriate, a bank may use the post-obit sample language to provide observe to its customers:
Important Data Most Procedures for Opening a New Account
To help the authorities fight the funding of terrorism and coin laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we volition ask for your name, address, date of birth, and other information that will allow us to place you. Nosotros may also ask to see your driver'south license or other identifying documents.
(half-dozen) Reliance on another fiscal institution. The CIP may include procedures specifying when a bank will rely on the operation by another financial institution (including an chapter) of any procedures of the bank'southward CIP, with respect to any customer of the bank that is opening, or has opened, an account or has established a like formal banking or business human relationship with the other financial establishment to provide or engage in services, dealings, or other financial transactions, provided that:
(i) Such reliance is reasonable under the circumstances;
(2) The other financial institution is subject area to a rule implementing 31 The statesC. 5318(h) and is regulated by a Federal functional regulator; and
(three) The other financial institution enters into a contract requiring it to certify annually to the banking concern that information technology has implemented its anti-coin laundering program, and that it volition perform (or its agent will perform) the specified requirements of the banking company's CIP.
(b) Exemptions. The appropriate Federal functional regulator, with the concurrence of the Secretarial assistant, may, by order or regulation, exempt whatever banking concern or type of account from the requirements of this section. The Federal functional regulator and the Secretarial assistant shall consider whether the exemption is consistent with the purposes of the Bank Secrecy Human action and with safe and sound cyberbanking, and may consider other appropriate factors. The Secretarial assistant will make these determinations for any banking concern or type of business relationship that is not field of study to the authority of a Federal functional regulator.
(c) Other requirements unaffected. Cypher in this department relieves a bank of its obligation to comply with whatsoever other provision in this chapter, including provisions apropos information that must be obtained, verified, or maintained in connection with whatsoever account or transaction.
[Codification to 31 C.F.R. § 1020.220]
[Department 1020.220 amended at 85 Fed. Reg. 57138, September 15, 2020, effective November 16, 2020]
Subpart C—Reports Required To Be Fabricated By Banks
§ 1020.300 General.
Banks are subject to the reporting requirements ready forth and cross referenced in this subpart. Banks should also refer to Subpart C of Function 1010 of this Chapter for reporting requirements contained in that subpart which utilise to banks.
[Codification to 31 C.F.R. § 1020.300]
§ 1020.310 Reports of transactions in currency.
The reports of transactions in currency requirements for banks are located in subpart C of Part 1010 of this Chapter and this subpart.
[Codified to 31 C.F.R. § 1020.310]
§ 1020.311 Filing obligations.
Refer to Sec. 1010.311 of this Chapter for reports of transactions in currency filing obligations for banks.
[Codified to 31 C.F.R. § 1020.311]
§ 1020.312 Identification required.
Refer to Sec. 1010.312 of this Affiliate for identification requirements for reports of transactions in currency filed by banks.
[Codified to 31 C.F.R. § 1020.312]
§ 1020.313 Assemblage.
Refer to Sec. 1010.313 of this Chapter for reports of transactions in currency aggregation requirements for banks.
[Codified to 31 C.F.R. § 1020.313]
§ 1020.314 Structured transactions.
Refer to Sec. 1010.314 of this Chapter for rules regarding structured transactions for banks.
[Codified to 31 C.F.R. § 1020.314]
§ 1020.315 Transactions of exempt persons.
(a)General. No bank is required to file a report otherwise required by Sec. 1010.311 with respect to any transaction in currency between an exempt person and such bank, or, to the extent provided in paragraph (e)(vi) of this section, between such exempt person and other banks affiliated with such banking concern. (A limitation on the exemption described in this paragraph (a) is set forth in paragraph (f) of this section.)
(b)Exempt person. For purposes of this section, an exempt person is:
(1) A depository financial institution, to the extent of such banking concern'due south domestic operations;
(2) A department or bureau of the United States, of any State, or of any political subdivision of any State;
(three) Whatsoever entity established under the laws of the United States, of whatsoever State, or of whatsoever political subdivision of any Land, or under an interstate meaty between two or more States, that exercises governmental authority on behalf of the United States or any such Land or political subdivision;
(iv) Any entity, other than a banking company, whose common stock or analogous disinterestedness interests are listed on the New York Stock Exchange or the American Stock Exchange or whose common stock or coordinating equity interests have been designated equally a NASDAQ National Marketplace Security listed on the NASDAQ Stock Marketplace (except stock or interests listed nether the separate "NASDAQ Uppercase Markets Companies'' heading), provided that, for purposes of this paragraph (b)(4), a person that is a financial institution, other than a bank, is an exempt person only to the extent of its domestic operations;
(five) Any subsidiary, other than a bank, of whatsoever entity described in paragraph (b)(4) of this section (a "listed entity'') that is organized under the laws of the United States or of any State and at least 51 per centum of whose mutual stock or coordinating equity interest is owned by the listed entity, provided that, for purposes of this paragraph (b)(5), a person that is a financial institution, other than a bank, is an exempt person simply to the extent of its domestic operations;
(6) To the extent of its domestic operations and only with respect to transactions conducted through its exemptible accounts, any other commercial enterprise (for purposes of this section, a "non-listed business''), other than an enterprise specified in paragraph (east)(viii) of this department, that:
(i) Maintains a transaction account, equally divers in paragraph (e)(nine) of this section, at the bank for at least ii months, except every bit provided in paragraph (c)(2)(ii) of this section;
(ii) Often engages in transactions in currency with the bank in excess of $10,000; and
(iii) Is incorporated or organized under the laws of the United States or a Country, or is registered as and eligible to practice business inside the Us or a Country; or
(7) With respect solely to withdrawals for payroll purposes from existing exemptible accounts, whatever other person (for purposes of this section, a "payroll client'') that:
(i) Maintains a transaction business relationship, equally divers in paragraph (e)(9) of this section, at the depository financial institution for at to the lowest degree two months, except equally provided in paragraph (c)(2)(2) of this section;
(ii) Operates a firm that oft withdraws more than $10,000 in order to pay its Us employees in currency; and
(iii) Is incorporated or organized under the laws of the United states or a Country, or is registered equally and eligible to exercise concern within the United States or a State.
(c)Designation of certain exempt persons--(1)General. Except as provided in paragraph (c)(2) of this section, a banking company must designate an exempt person past filing FinCEN Grade 110. Such designation must occur by the close of the 30-calendar day period starting time after the solar day of the commencement reportable transaction in currency with that person sought to be exempted from reporting under the terms of this section. The designation must be made separately by each depository financial institution that treats the customer equally an exempt person, except as provided in paragraph (e)(6) of this department.
(ii) Special rules.
(i) A bank is non required to file a FinCEN Form 110 with respect to the transfer of currency to or from:
(A) Any of the twelve Federal Reserve Banks; or
(B) Whatever exempt person as described in paragraphs (b)(1) to (3) of this section.
(two) All the same subparagraphs (b)(6)(i) and (b)(7)(i) of this section, and if the requirements nether this section are otherwise satisfied, a bank may designate a non-listed business or a payroll customer, equally described in paragraphs (b)(6) and (7) of this section, equally an exempt person earlier the client has maintained a transaction account at the bank for at least two months if the bank conducts and documents a risk-based cess of the client and forms a reasonable belief that the customer has a legitimate concern purpose for conducting frequent transactions in currency.
(d)Annual review. At to the lowest degree once each twelvemonth, a banking company must review the eligibility of an exempt person described in paragraphs (b)(iv) to (seven) of this section to determine whether such person remains eligible for an exemption. As part of its almanac review, a bank must review the awarding of the monitoring arrangement required to exist maintained by paragraph (h)(2) of this section to each existing account of an exempt person described in paragraphs (b)(6) or (b)(vii) of this section.
(eastward) Operating rules--(1) Full general dominion. Discipline to the specific rules of this section, a bank must take such steps to clinch itself that a person is an exempt person (within the meaning of the applicative provision of paragraph (b) of this section), to document the basis for its conclusions, and document its compliance, with the terms of this section, that a reasonable and prudent bank would take and certificate to protect itself from loan or other fraud or loss based on misidentification of a person'southward status, and in the case of the monitoring system requirement gear up along in paragraph (h)(2) of this section, such steps that a reasonable and prudent bank would accept and certificate to identify suspicious transactions as required by paragraph (h)(2) of this department.
(2) Governmental departments and agencies. A bank may care for a person as a governmental section, agency, or entity if the proper name of such person reasonably indicates that it is described in paragraph (b)(2) or (b)(3) of this section, or if such person is known generally in the customs to exist a State, the Commune of Columbia, a tribal regime, a Territory or Insular Possession of the United states, or a political subdivision or a wholly-owned bureau or instrumentality of any of the foregoing. An entity generally exercises governmental authority on behalf of the United States, a Land, or a political subdivision, for purposes of paragraph (b)(3) of this section, simply if its government include one or more of the powers to tax, to exercise the authorisation of eminent domain, or to exercise police powers with respect to matters inside its jurisdiction. Examples of entities that exercise governmental potency include, but are not limited to, the New Bailiwick of jersey Turnpike Authority and the Port Authority of New York and New Jersey.
(3) Stock substitution listings. In determining whether a person is described in paragraph (b)(4) of this section, a bank may rely on any New York, American, or NASDAQ Stock Market listing published in a newspaper of general circulation, on whatever commonly accepted or published stock symbol guide, on any information contained in the Securities and Substitution Commission ``EDGAR'' System, or on whatever data contained on an Internet site or sites maintained by the New York Stock Exchange, the American Stock Commutation, or the NASDAQ.
(iv) Listed company subsidiaries. In determining whether a person is described in paragraph (b)(5) of this department, a banking concern may rely upon:
(i) Any reasonably authenticated corporate officer's document;
(ii) Any reasonably authenticated photocopy of Internal Acquirement Service Form 851 (Affiliation Schedule) or the equivalent thereof for the appropriate tax year; or
(3) A person'due south Annual Written report or Grade 10-1000, as filed in each instance with the Securities and Exchange Commission.
(5) Aggregated accounts. In determining the qualification of a customer as a not-listed business or a payroll client, a bank may treat all exemptible accounts of the customer as a single business relationship. If a bank elects to treat all exemptible accounts of a client as a unmarried account, the banking concern must continue to treat such accounts consistently as a single account for purposes of determining the qualification of the client every bit a not-listed business or payroll customer.
(6) Affiliated banks. The designation required by paragraph (c) of this department may be made by a parent depository financial institution holding company or one of its bank subsidiaries on behalf of all depository financial institution subsidiaries of the belongings visitor, and so long as the designation lists each depository financial institution subsidiary to which the designation shall apply.
(seven) Sole proprietorships. A sole proprietorship may be treated as a not-listed business if information technology otherwise meets the requirements of paragraph (b)(six) of this section, as applicable. In addition, a sole proprietorship may be treated as a payroll customer if it otherwise meets the requirements of paragraph (b)(7) of this department, as applicable.
(8) Ineligible businesses. A business organization engaged primarily in one or more than of the following activities may not exist treated as a non-listed business for purposes of this department: Serving as financial institutions or agents of financial institutions of any type; purchase or sale to customers of motor vehicles of whatsoever kind, vessels, aircraft, subcontract equipment or mobile homes; the practice of police, accountancy, or medicine; auctioning of goods; chartering or operation of ships, buses, or aircraft; gaming of any kind (other than licensed parimutuel betting at race tracks); investment advisory services or investment banking services; real estate brokerage; pawn brokerage; title insurance and real manor closing; trade union activities; and whatsoever other activities that may be specified by FinCEN. A business concern that engages in multiple business concern activities may be treated equally a not-listed business concern then long as no more than l% of its gross revenues are derived from one or more of the ineligible business activities listed in this paragraph (e)(8).
(9) Exemptible accounts of a not-listed business organization or payroll customer. The exemptible accounts of a non-listed business or payroll client include transaction accounts and money market deposit accounts. However, money marketplace deposit accounts maintained other than in connection with a commercial enterprise are not exemptible accounts. A transaction account, for purposes of this section, is any business relationship described in section xix(b)(1)(C) of the Federal Reserve Act, 12 U.Southward.C. 461(b)(ane)(C), and its implementing regulations (12 CFR function 204). A money marketplace eolith account, for purposes of this section, is any interest-bearing account that is described as a coin market deposit account in 12 CFR 204.2(d)(ii).
(x) Documentation. The records maintained by a bank to certificate its compliance with and administration of the rules of this section shall exist maintained in accordance with the provisions of Sec. 1010.430.
(f) Limitation on exemption. A transaction carried out by an exempt person as an agent for another person who is the beneficial owner of the funds that are the discipline of a transaction in currency is non subject to the exemption from reporting independent in paragraph (a) of this department.
(g) Limitation on liability. (1) No bank shall exist subject to punishment nether this chapter for failure to file a report required by Sec. 1010.311 with respect to a transaction in currency past an exempt person with respect to which the requirements of this section have been satisfied, unless the banking concern:
(i) Knowingly files false or incomplete data with respect to the transaction or the customer engaging in the transaction; or
(two) Has reason to believe that the customer does not see the criteria established by this section for treatment of the transactor as an exempt person or that the transaction is not a transaction of the exempt person.
(ii) Subject to the specific terms of this section, and absent-minded whatever specific noesis of information indicating that a client no longer meets the requirements of an exempt person, a bank satisfies the requirements of this section to the extent information technology continues to treat that customer as an exempt person until the completion of that customer's next required periodic review, which as required by paragraph
(d) of this section for an exempt person described in paragraph (b)(iv) to (7) of this section, shall occur no less than one time each year.
(iii) A depository financial institution that files a written report with respect to a currency transaction past an exempt person rather than treating such person as exempt shall remain subject, with respect to each such report, to the rules for filing reports, and the penalties for filing false or incomplete reports that are applicable to reporting of transactions in currency past persons other than exempt persons.
(h) Obligations to file suspicious activeness reports and maintain arrangement for monitoring transactions in currency. (1) Goose egg in this section relieves a depository financial institution of the obligation, or reduces in any way such banking company'due south obligation, to file a written report required past Sec. 1020.320 with respect to any transaction, including any transaction in currency that a bank knows, suspects, or has reason to suspect is a transaction or attempted transaction that is described in Sec. 1020.320(a)(two)(i), (2), or (iii), or relieves a bank of any reporting or recordkeeping obligation imposed past this affiliate (except the obligation to report transactions in currency pursuant to this chapter to the extent provided in this section). Thus, for example, a sharp increase from 1 year to the next in the gross full of currency transactions made by an exempt customer, or similarly anomalous transactions trends or patterns, may trigger the obligation of a banking company nether Sec. 1020.320.
(2) Consistent with its annual review obligations under paragraph (d) of this department, a banking company shall constitute and maintain a monitoring system that is reasonably designed to detect, for each account of a non-listed business organization or payroll customer, those transactions in currency involving such account that would require a bank to file a suspicious transaction study. The argument in the preceding judgement with respect to accounts of non-listed business organization and payroll customers does not limit the obligation of banks generally to take the steps necessary to satisfy the terms of paragraph (h)(i) of this section and Sec. 1020.320 with respect to all exempt persons.
(i) Revocation. Without whatever action on the part of the Section of the Treasury and bailiwick to the limitation on liability contained in paragraph (one thousand)(2) of this section:
(1) The status of an entity as an exempt person under paragraph (b)(four) of this department ceases once such entity ceases to be listed on the applicable stock exchange; and
(two) The status of a subsidiary as an exempt person under paragraph (b)(5) of this section ceases one time such subsidiary ceases to accept at least 51 per cent of its common stock or analogous equity interest owned by a listed entity.
(Approved by the Office of Management and Budget under control number 1506-0012)
[Codified to 31 C.F.R. § 1020.315]
[Department 1020.315 amended at 77 Fed. Reg. 33640, June 7, 2012]
§ 1020.320 Reports by banks of suspicious transactions.
(a) General. (one) Every bank shall file with the Treasury Department, to the extent and in the way required past this section, a written report of whatever suspicious transaction relevant to a possible violation of law or regulation. A bank may also file with the Treasury Department by using the Suspicious Activity Report specified in paragraph (b)(1) of this section or otherwise, a study of any suspicious transaction that information technology believes is relevant to the possible violation of any law or regulation but whose reporting is non required by this section.
(ii) A transaction requires reporting under the terms of this section if it is conducted or attempted past, at, or through the bank, it involves or aggregates at to the lowest degree $5,000 in funds or other assets, and the bank knows, suspects, or has reason to doubtable that:
(i) The transaction involves funds derived from illegal activities or is intended or conducted in order to hibernate or disguise funds or assets derived from illegal activities (including, without limitation, the ownership, nature, source, location, or control of such funds or assets) as office of a plan to violate or evade whatsoever Federal police force or regulation or to avoid any transaction reporting requirement under Federal law or regulation;
(ii) The transaction is designed to evade any requirements of this affiliate or of any other regulations promulgated nether the Bank Secrecy Human activity; or
(3) The transaction has no business or apparent lawful purpose or is not the sort in which the item customer would normally be expected to engage, and the banking company knows of no reasonable explanation for the transaction later examining the available facts, including the groundwork and possible purpose of the transaction.
(b) Filing procedures--(1) What to file. A suspicious transaction shall be reported by completing a Suspicious Activity Report (``SAR''), and collecting and maintaining supporting documentation as required by paragraph (d) of this section.
(two) Where to file. The SAR shall be filed with FinCEN in a central location, to be adamant by FinCEN, as indicated in the instructions to the SAR.
(3) When to file. A bank is required to file a SAR no later than thirty calendar days later on the date of initial detection past the banking company of facts that may constitute a footing for filing a SAR. If no suspect was identified on the date of the detection of the incident requiring the filing, a banking company may delay filing a SAR for an additional 30 calendar days to identify a suspect. In no instance shall reporting be delayed more than 60 calendar days after the engagement of initial detection of a reportable transaction. In situations involving violations that require immediate attending, such as, for instance, ongoing money laundering schemes, the banking company shall immediately notify, past phone, an appropriate law enforcement authority in addition to filing timely a SAR.
(c) Exceptions. A bank is not required to file a SAR for a robbery or break-in committed or attempted that is reported to appropriate law enforcement authorities, or for lost, missing, counterfeit, or stolen securities with respect to which the bank files a report pursuant to the reporting requirements of 17 CFR 240.17f-i.
(d) Retention of records. A bank shall maintain a copy of any SAR filed and the original or business tape equivalent of any supporting documentation for a menses of five years from the date of filing the SAR. Supporting documentation shall exist identified, and maintained by the bank as such, and shall be deemed to have been filed with the SAR. A banking company shall make all supporting documentation bachelor to FinCEN or any Federal, Country, or local police force enforcement agency, or whatsoever Federal regulatory authorisation that examines the bank for compliance with the Bank Secrecy Act, or whatever State regulatory authority administering a Country law that requires the depository financial institution to comply with the Bank Secrecy Act or otherwise authorizes the Land authority to ensure that the establishment complies with the Bank Secrecy Human action, upon request.
(eastward)Confidentiality of SARs. A SAR, and whatsoever information that would reveal the existence of a SAR, are confidential and shall not be disclosed except as authorized in this paragraph (e). For purposes of this paragraph (e) merely, a SAR shall include any suspicious action study filed with FinCEN pursuant to any regulation in this affiliate.
(1)Prohibition on disclosures by banks--(i)General dominion. No bank, and no director, officeholder, employee, or amanuensis of any bank, shall disclose a SAR or any data that would reveal the being of a SAR. Whatever bank, and any director, officeholder, employee, or agent of any bank that is subpoenaed or otherwise requested to disclose a SAR or any information that would reveal the beingness of a SAR, shall turn down to produce the SAR or such information, citing this section and 31 U.S.C. 5318(1000)(two)(A)(i), and shall notify FinCEN of whatever such request and the response thereto.
(ii)Rules of Structure. Provided that no person involved in any reported suspicious transaction is notified that the transaction has been reported, this paragraph (east)(ane) shall not be construed as prohibiting:
(A) The disclosure by a banking company, or any director, officer, employee, or agent of a bank, of:
(1) A SAR, or any information that would reveal the existence of a SAR, to FinCEN or any Federal, Land, or local law enforcement agency, or any Federal regulatory potency that examines the banking concern for compliance with the Bank Secrecy Act, or any State regulatory authority administering a State law that requires the banking company to comply with the Bank Secrecy Human action or otherwise authorizes the State authority to ensure that the bank complies with the Bank Secrecy Act; or
(ii) The underlying facts, transactions, and documents upon which a SAR is based, including but non limited to, disclosures:
(i) To another financial establishment, or any director, officer, employee, or agent of a financial establishment, for the preparation of a joint SAR; or
(2) In connection with certain employment references or termination notices, to the full extent authorized in 31 United states of americaC. 5318(g)(ii)(B); or
(B) The sharing by a bank, or whatever director, officeholder, employee, or agent of the bank, of a SAR, or any information that would reveal the existence of a SAR, inside the bank'southward corporate organizational structure for purposes consistent with Title II of the Bank Secrecy Deed as determined by regulation or in guidance.
(2)Prohibition on disclosures by government authorities. A Federal, Country, local, territorial, or Tribal authorities authority, or whatever director, officer, employee, or agent of whatever of the foregoing, shall not disclose a SAR, or any information that would reveal the beingness of a SAR, except as necessary to fulfill official duties consistent with Championship II of the Banking company Secrecy Deed. For purposes of this section, "official duties'' shall non include the disclosure of a SAR, or whatsoever information that would reveal the existence of a SAR, in response to a request for disclosure of non-public information or a asking for apply in a private legal proceeding, including a request pursuant to 31 CFR one.xi.
(f)Limitation on liability. A bank, and any managing director, officer, employee, or agent of any bank, that makes a voluntary disclosure of any possible violation of law or regulation to a government agency or makes a disclosure pursuant to this department or any other authority, including a disclosure fabricated jointly with another institution, shall be protected from liability to any person for any such disclosure, or for failure to provide observe of such disclosure to whatever person identified in the disclosure, or both, to the full extent provided by 31 U.Due south.C. 5318(thousand)(3).
(1000)Compliance. Banks shall be examined past FinCEN or its delegatees for compliance with this section. Failure to satisfy the requirements of this department may be a violation of the Bank Secrecy Human action and of this chapter. Such failure may besides violate provisions of Title 12 of the Code of Federal Regulations.
[Codification to 31 C.F.R. § 1020.320]
[Section 1020.320 amended at 76 Fed. Reg. Feb 25, 2011, effective March 1, 2011]
Subpart D—Records Required To Exist Maintained By Banks
§ 1020.400 General.
Banks are subject to the recordkeeping requirements set forth and cantankerous referenced in this subpart. Banks should also refer to Subpart D of Function 1010 of this Affiliate for recordkeeping requirements contained in that subpart which apply to banks.
[Codification to 31 C.F.R. § 1020.400]
§ 1020.410 Records to exist fabricated and retained by banks.
(a) Each agent, agency, branch, or part located inside the Us of a depository financial institution is field of study to the requirements of this paragraph (a) with respect to a funds transfer in the amount of $3,000 or more than, and is required to retain either the original or a re-create or reproduction of each of the post-obit:
(ane) Recordkeeping requirements. (i) For each payment order that it accepts as an originator'due south depository financial institution, a banking concern shall obtain and retain either the original or a copy, or electronic record of the following information relating to the payment society:
(A) The proper name and accost of the originator;
(B) The corporeality of the payment society;
(C) The execution date of the payment club;
(D) Whatever payment instructions received from the originator with the payment order;
(Due east) The identity of the casher'south bank; and
(F) As many of the following items as are received with the payment order: i
(i) The name and address of the casher;
(2) The account number of the casher; and
(3) Any other specific identifier of the casher.
(two) For each payment order that information technology accepts as an intermediary banking company, a bank shall retain either the original or a re-create, or electronic tape of the payment order.
(iii) For each payment guild that information technology accepts as a beneficiary'due south banking company, a bank shall retain either the original or a copy, or electronic tape 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 (a)(1)(i) of this department:
(i) If the payment lodge is made in person, prior to acceptance the originator's bank shall verify the identity of the person placing the payment order. If information technology accepts the payment gild, the originator's banking company shall obtain and retain a tape of the name and address, the type of identification reviewed, the number of the identification document (eastward.g., driver's license), every bit well equally a tape of the person'due south 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 note 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 state of issuance, if known past the person placing the order, or a note in the tape of the lack thereof.
(two) If the payment order accepted by the originator'south banking concern is non made in person, the originator's bank shall obtain and retain a tape of proper name and address of the person placing the payment society, also as the person's taxpayer identification number (e.yard., social security or employer identification number) or, if none, conflicting 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.yard., bank check or credit card transaction) for the funds transfer. If the originator's bank has knowledge that the person placing the payment order is non the originator, the originator'south bank shall obtain and retain a record of the originator's taxpayer identification number (e.thousand., social security or employer identification number) or, if none, conflicting identification number or passport number and country of issuance, if known by the person placing the lodge, or a notation in the record of the lack thereof.
(3) Beneficiaries other than established customers. For each payment club that information technology accepts as a beneficiary'southward bank for a beneficiary that is not an established client, in addition to obtaining and retaining the information required in paragraph (a)(1)(iii) of this section:
(i) If the proceeds are delivered in person to the beneficiary or its representative or amanuensis, the beneficiary's bank shall verify the identity of the person receiving the gain and shall obtain and retain a tape of the name and address, the type of identification reviewed, and the number of the identification document (e.grand., commuter'due south license), as well as a record of the person'due south taxpayer identification number (east.g., social security or employer identification number) or, if none, conflicting 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 casher, the beneficiary's bank shall obtain and retain a record of the beneficiary's name and address, as well as the beneficiary'south taxpayer identification number (e.k., social security or employer identification number) or, if none, conflicting identification number or passport number and state of issuance, if known by the person receiving the proceeds, or a annotation in the record of the lack thereof.
(two) If the gain are delivered other than in person, the beneficiary'due south bank shall retain a copy of the cheque or other musical instrument used to effect payment, or the data independent thereon, too as the proper noun and accost of the person to which information technology was sent.
(4) Retrievability. The information that an originator's depository financial institution must retain under paragraphs (a)(ane)(i) and (a)(2) of this section shall exist retrievable by the originator'south depository financial institution 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, so the information also shall be retrievable by account number. The information that a beneficiary'southward bank must retain under paragraphs (a)(1)(iii) and (a)(three) of this section shall be retrievable by the beneficiary'southward banking concern past reference to the name of the beneficiary. If the beneficiary is an established customer of the casher's bank and has an account used for funds transfers, then the data too shall exist retrievable by account number. This information need not be retained in any item manner, so long as the bank is able to recollect the information required by this paragraph, either by accessing funds transfer records directly or through reference to some other tape maintained by the bank.
(5) Verification. Where verification is required under paragraphs (a)(2) and (a)(3) of this section, a banking concern shall verify a person'south identity past examination of a document (other than a bank signature card), preferably i 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 conflicting or is not a resident of the United States may be fabricated past passport, conflicting identification card, or other official document evidencing nationality or residence (e.1000., a foreign driver'south license with indication of home address).
(vi) Exceptions. The following funds transfers are non bailiwick 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 committee merchant or an introducing broker in commodities;
(F) A wholly owned domestic subsidiary of a futures committee merchant or an introducing broker in commodities;
(G) The United States;
(H) A state or local government;
(I) A Federal, State or local government bureau or instrumentality; or
(J) A mutual fund; 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 banking company.
(b)(ane) With respect to each certificate of deposit sold or redeemed after May 31, 1978, and earlier October ane, 2003, or each deposit or share business relationship opened with a bank afterward June thirty, 1972, and before October 1, 2003, a bank shall, within thirty days from the date such a transaction occurs or an business relationship is opened, secure and maintain a record of the taxpayer identification number of the client involved; or where the account or certificate is in the names of ii or more persons, the bank shall secure the taxpayer identification number of a person having a financial interest in the certificate or business relationship. In the effect that a depository financial institution has been unable to secure, within the 30-mean solar day period specified, the required identification, it shall however not be deemed to be in violation of this department if information technology has made a reasonable effort to secure such identification, and 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 past him. A bank interim as an amanuensis for another person in the buy or redemption of a document of deposit issued by another bank is responsible for obtaining and recording the required taxpayer identification, likewise as for maintaining the records referred to in paragraphs (c)(11) and (12) of this section. The issuing bank can satisfy the recordkeeping requirement past recording the name and address of the amanuensis together with a description of the instrument and the date of the transaction. Where a person is a non-resident alien, the banking company shall too record the person'due south passport number or a clarification of another government certificate used to verify his identity.
(2) The 30-twenty-four hours period provided for in paragraph (b)(one) of this department 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 (b)(1) of this section need not be secured for accounts or transactions with the post-obit:
(i) Agencies and instrumentalities of Federal, State, local or strange governments;
(2) Judges, public officials, or clerks of courts of tape equally custodians of funds in controversy or under the control of the court;
(iii) Aliens who are ambassadors, ministers, career diplomatic or consular officers, or naval, military or other attachés of foreign embassies and legations, and for the members of their immediate families;
(4) Aliens who are accredited representatives of international organizations which are entitled to relish privileges, exemptions and immunities every bit an international arrangement nether the International Organization Immunities Act of December 29, 1945 (22 UsC. 288), and the members of their firsthand families;
(v) Aliens temporarily residing in the United States for a period not to exceed 180 days;
(vi) Aliens non engaged in a trade or concern in the United states of america who are attending a recognized college or university or any training program, supervised or conducted past any agency of the Federal Government;
(vii) Unincorporated subordinate units of a revenue enhancement exempt central arrangement which are covered by a group exemption letter of the alphabet,
(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 society, vacation club and similar installment savings programs, provided the annual interest is less than $10; and
(x) Non-resident aliens who are non engaged in a trade or business concern in the U.s.a..
(four) In instances described in paragraphs (b)(three)(eight) and (ix) of this section, the banking concern shall, inside 15 days following the end of whatsoever calendar year in which the interest accrued in that year is $10 or more use its best effort to secure and maintain the advisable taxpayer identification number or awarding class therefor.
(5) The rules and regulations issued past the Internal Revenue Service under department 6109 of the Internal Revenue Lawmaking 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.
(c) Each banking concern shall, in improver, retain either the original or a re-create or reproduction of each of the post-obit:
(1) Each document granting signature authority over each eolith or share business relationship, including any notations, if such are commonly fabricated, of specific identifying data verifying the identity of the signer (such as a driver's license number or credit bill of fare number);
(2) Each statement, ledger card or other tape on each deposit or share account, showing each transaction in, or with respect to, that account;
(3) Each check, clean draft, or money society drawn on the banking concern or issued and payable by it, except those drawn for $100 or less or those drawn on accounts which can be expected to accept fatigued on them an average of at least 100 checks per month over the agenda twelvemonth 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,
(half-dozen) Checks drawn on authorities agency accounts,
(7) Checks drawn by brokers or dealers in securities,
(eight) Checks fatigued on fiduciary accounts,
(ix) Checks drawn on other financial institutions, or
(x) Pension or annuity checks;
(4) Each particular in backlog 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, nether paragraph (c)(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 U.s.;
(6) A record of each remittance or transfer of funds, or of currency, other monetary instruments, checks, investment securities, or credit, of more than $ten,000 to a person, account or place outside the United States;
(seven) Each bank check or typhoon in an amount in excess of $ten,000 drawn on or issued by a foreign bank which the domestic bank has paid or presented to a nonbank drawee for payment;
(eight) Each item, including checks, drafts or transfers of credit, of more than $10,000 received directly and non through a domestic financial establishment, past alphabetic character, cable or any other means, from a banking concern, banker or dealer in foreign substitution exterior 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 $x,000 received on any one occasion directly and non through a domestic fiscal establishment, from a bank, banker or dealer in foreign exchange outside the United States; and
(10) Records prepared or received by a depository financial institution in the ordinary form of business, which would be needed to reconstruct a transaction account and to trace a check in backlog 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 simply with respect to need deposits.
(xi) A record containing the name, address, and taxpayer identification number as adamant under section 6109 of the Internal Revenue Code of 1986, if available, of the purchaser of each certificate of deposit, equally well as a description of the instrument, a notation of the method of payment, and the date of the transaction.
(12) A tape containing the name, accost 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, equally 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 tape for direct deposit or other wire transfer deposit transactions. The slip or ticket shall record the corporeality of any currency involved.
[Codified to 31 C.F.R. § 1020.410]
Subpart East—Special Data Sharing Procedures To Deter Money Laundering and Terrorist Activity
§ 1020.500 Full general.
Banks are subject to the special data sharing procedures to deter money laundering and terrorist activity requirements set forth and cantankerous referenced in this subpart. Banks should as well refer to Subpart Eastward of Role 1010 of this Chapter for special data sharing procedures to deter money laundering and terrorist activity contained in that subpart which apply to banks.
[Codified to 31 C.F.R. § 1020.500]
§ 1020.520 Special data sharing procedures to deter money laundering and terrorist activity for banks.
(a) Refer to Sec. 1010.520 of this Chapter.
(b) [Reserved]
[Codified to 31 C.F.R. § 1020.520]
§ 1020.530 [Reserved]
§ 1020.540 Voluntary information sharing amidst financial institutions.
(a) Refer to Sec. 1010.540 of this Affiliate.
(b) [Reserved]
[Codified to 31 C.F.R. § 1020.540]
Subpart F—Special Standards of Diligence; Prohibitions; and Special Measures
§ 1020.600 Full general.
Banks are subject to the special standards of diligence; prohibitions; and special measures requirements set forth and cross referenced in this subpart. Banks should also refer to Subpart F of Part 1010 of this Chapter for special standards of diligence; prohibitions; and special measures independent in that subpart which utilise to banks.
[Codified to 31 C.F.R. § 1020.600]
§ 1020.610 Due diligence programs for correspondent accounts for foreign financial institutions.
(a) Refer to Sec. 1010.610 of this Chapter.
(b) [Reserved]
[Codified to 31 C.F.R. § 1020.610]
§ 1020.620 Due diligence programs for individual banking accounts.
(a) Refer to Sec. 1010.620 of this Chapter.
(b) [Reserved]
[Codified to 31 C.F.R. § 1020.620]
§ 1020.630 Prohibition on correspondent accounts for foreign vanquish banks; records concerning owners of foreign banks and agents for service of legal process.
(a) Refer to Sec. 1010.630 of this Affiliate.
(b) [Reserved]
[Codified to 31 C.F.R. § 1020.630]
§ 1020.640 [Reserved]
§ 1020.670 Summons or amendment of foreign bank records; Termination of correspondent human relationship.
(a) Refer to Sec. 1010.670 of this Chapter.
(b) [Reserved]
[Codification to 31 C.F.R. § 1020.670]
[Table of Contents]
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Source: https://www.fdic.gov/regulations/laws/rules/8000-1600.html
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