Bank Secrecy Act Section 201.0

TITLE 31—Money and Finance: (4) Into the United States or out of the Treasury United States; (5) Totaling more than $10,000; SUBTITLE B—Regulations Relating (6) (i) On one calendar day or (ii) if for to Money and Finance the purpose of evading the reporting requirements of §103.23, on CHAPTER I—Monetary Offices, one or more days. Department of the Treasury (c) Bank. Each agent, agency, branch or PART 103—Financial Recordkeeping office within the United States of any and Reporting of Currency and person doing business in one or more of Foreign Transactions the capacities listed below: (1) A commerical bank or trust company SUBPART A—Definitions organized under the laws of any State or of the United States; 31 CFR 103.11 (2) A private bank; (3) A savings and loan association or a §103.11 Meaning of terms. building and loan association organized under the laws of any State or [PUBLISHER’S NOTE: Paragraphs (n)(7)(i), (z) and (nn) of the United States; were revised, and paragraphs (rr), (ss), and (tt) were added at 61 FR 7054, 7055, Feb. 23, 1996, effective Aug. 1, 1996.] (4) An insured institution as defined in section 401 of the National Housing When used in this part and in forms prescribed Act; under this part, where not otherwise distinctly (5) A savings bank, industrial bank or expressed or manifestly incompatible with the other thrift institution; intent thereof, terms shall have the meanings (6) A credit union organized under the ascribed in this section. law of any State or of the United States; (a) Accept. A receiving financial institution, (7) Any other organization chartered other than the recipient’s financial insti- under the banking laws of any State tution, accepts a transmittal order by and subject to the supervision of the executing the transmittal order. A recipi- bank supervisory authorities of a ent’s financial institution accepts a trans- State; mittal order by paying the recipient, by (8) A bank organized under foreign law; notifying the recipient of the receipt of (9) Any national banking association or the order or by otherwise becoming obli- corporation acting under the provi- gated to carry out the order. sions of section 25(aa) of the Act of (b) At one time. For purposes of §103.23 of Dec. 23, 1913, as added by the Act of this part, a person who transports, mails, Dec. 24, 1919, ch. 18, 41 Stat. 378, as ships or receives; is about to or attempts amended (12 U.S.C. 611–32). to transport, mail or ship; or causes the (d) Beneficiary. The person to be paid by the transportation, mailing, shipment or receipt beneficiary’s bank. of monetary instruments, is deemed to do (e) Beneficiary’s bank. The bank or foreign so ‘‘at one time’’ if: bank identified in a payment order in (1) That person either alone, in conjunc- which an account of the beneficiary is to tion with or on behalf of others; be credited pursuant to the order or which (2) Transports, mails, ships or receives otherwise is to make payment to the in any manner; is about to transport, beneficiary if the order does not provide mail or ship in any manner; or causes for payment to an account. the transportation, mailing, shipment (f) Broker or dealer in securities. A broker or receipt in any manner of; or dealer in securities, registered or (3) Monetary instruments; required to be registered with the Securi-

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ties and Exchange Commission under the sender but cannot be earlier than the day Securities Exchange Act of 1934. the order is received, and, unless other- (g) Common carrier. Any person engaged in wise determined, is the day the order is the business of transporting individuals received. If the sender’s instruction states or goods for a fee who holds himself out a payment date, the execution date is the as ready to engage in such transportation payment date or an earlier date on which for hire and who undertakes to do so execution is reasonably necessary to allow indiscriminately for all persons who are payment to the recipient on the payment prepared to pay the fee for the particular date. service offered. (n) Financial institution. Each agent, agency, (h) Currency. The coin and paper money of branch, or office within the United States the United States or of any other country of any person doing business, whether or that is designated as legal tender and that not on a regular basis or as an organized circulates and is customarily used and business concern, in one or more of the accepted as a medium of exchange in the capacities listed below: country of issuance. Currency includes (1) A bank (except bank credit card U.S. silver certificates, U.S. notes and systems); Federal Reserve notes. Currency also (2) A broker or dealer in securities; includes official foreign bank notes that (3) A currrency dealer or exchanger, are customarily used and accepted as a including a person engaged in the medium of exchange in a foreign country. business of a check casher; (i) Currency dealer or exchanger. A person (4) An issuer, seller, or redeemer of trav- who engages as a business in dealing in eler’s checks or money orders, except or exchanging currency, except for banks as a selling agent exclusively who which offer such services as an adjunct to does not sell more than $150,000 of their regular services. such instruments within any given (j) Deposit account. Deposit accounts include 30-day period; transaction accounts described in para- (5) A licensed transmitter of funds, or graph (q) of this section, savings accounts, other person engaged in the business and other time deposits. of transmitting funds; (k) Domestic. When used herein, refers to the (6) A telegraph company; doing of business within the United States, (7) (i) [Effective Aug. 1, 1996.] Casino. and limits the applicability of the provi- A casino or gambling casino that: sion where it appears to the performance Is duly licensed or authorized to by such institutions or agencies of func- do business as such in the United tions within the United States. States, whether under the laws of (l) Established customer. A person with an a State or of a Territory or Insu- account with the financial institution, lar Possession of the United including a loan account or deposit or States, or under the Indian Gam- other asset account, or a person with ing Regulatory Act or other respect to which the financial institution federal, state, or tribal law or has obtained and maintains on file the arrangement affecting Indian person’s name and address, as well as lands (including, without limi- taxpayer identification number (e.g., social tation, a casino operating on the security or employer identification num- assumption or under the view ber) or, if none, alien identification num- that no such authorization is ber or passport number and country of required for casino operation on issuance, and to which the financial insti- Indian lands); and has gross tution provides financial services relying annual gaming revenue in excess on that information. of $1 million. The term includes (m) Execution date. The day on which the the principal headquarters and receiving financial institution may prop- every domestic branch or place erly issue a transmittal order in execution of business of the casino. of the sender’s order. The execution date (ii) For purposes of this paragraph may be determined by instruction of the (i)(7), ‘‘gross annual gaming reve-

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nue’’ means the gross gaming seq.), as well as any other funds transfers revenue received by a casino, that are made through an automated clear- during either the previous busi- inghouse, an automated teller machine, or ness year or the current business a point-of-sale system, are excluded from year of the casino. A casino or this definition. gambling casino which is a (r) Transaction. casino for purposes of this part solely because its gross annual (1) Except as provided in paragraph gaming revenue exceeds (ii)(2) of this section, transaction $1,000,000 during its current means a purchase, sale, loan, pledge, business year, shall not be con- gift, transfer, delivery or other dispo- sidered a casino for purposes of sition, and with respect to a financial this part prior to the time in its institution includes a deposit, with- current business year that its drawal, transfer between accounts, gross annual gaming revenue exchange of currency, loan, exten- exceeds $1,000,000. sion of credit, purchase or sale of any (8) A person subject to supervision by stock, bond, certificate of deposit, or any state or federal bank supervisory other investment security or mone- authority;. tary instrument, or any other pay- (9) The United States Postal Service with ment, transfer, or delivery by, through, respect to the sale of money orders. or to a financial institution, by what- (o) Foreign bank. A bank organized under ever means effected. foreign law, or an agency, branch or (2) For purposes of §103.22, and other office located outside the United States of provisions of this part relating solely a bank. The term does not include an to the report required by that section, agent, agency, branch or office within the the term ‘‘transaction in currency’’ United States of a bank organized under shall mean a transaction involving foreign law. the physical transfer of currency from (p) Foreign financial agency. A person act- one person to another. A transaction ing outside the United States for a person which is a transfer of funds by means (except for a country, a monetary or of bank check, bank draft, wire trans- financial authority acting as a monetary fer, or other written order, and which or financial authority, or an international does not include the physical transfer financial institution of which the United of currency, is not a transaction in States Government is a member) as a currency for this purpose. financial institution, bailee, depository (s) Intermediary financial institution.A trustee, or agent, or acting in a similar receiving financial institution, other than way related to money, credit, securities, the transmittor’s financial institution or gold, or a transaction in money, credit, the recipient’s financial institution. The securities, or gold. term intermediary financial institution (q) Funds transfer. The series of transac- includes an intermediary bank. tions, beginning with the originator’s payment order, made for the purpose of (t) Investment security. An instrument which: making payment to the beneficiary of the (1) Is issued in bearer or registered form; order. The term includes any payment (2) Is of a type commonly dealt in upon order issued by the originator’s bank or securities exchanges or markets or an intermediary bank intended to carry commonly recognized in any area in out the originator’s payment order. A which it is issued or dealt in as a funds transfer is completed by acceptance medium for investment; by the beneficiary’s bank of a payment order for the benefit of the beneficiary of (3) Is either one of a class or series or by the originator’s payment order. Funds its terms is divisible into a class or transfers governed by the Electronic Fund series of instruments; and Transfer Act of 1978 (Title XX, Pub. L. (4) Evidences a share, participation or 95-630, 92 Stat. 3728, 15 U.S.C. 1693, et other interest in property or in an

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enterprise or evidences an obligation electronically, or in writing, to pay, or to of the issuer. cause another bank or foreign bank to (u) Monetary instruments. pay, a fixed or determinable amount of (1) Monetary instruments include: money to a beneficiary if: (i) Currrency; (z) [Effective Aug. 1, 1996.] Person.An (ii) Traveler’s checks in any form; individual, a corporation, a partnership, a (iii) All negotiable instruments trust or estate, a joint stock company, an (including personal checks, busi- association, a syndicate, joint venture, or ness checks, official bank checks, other unincorporated organization or cashier’s checks, third-party group, an Indian Tribe (as that term is checks, promissory notes (as that defined in the Indian Gaming Regulatory term is defined in the Uniform Act), and all entities cognizable as legal Commercial Code), and money personalities. orders) that are either in bearer (aa) Receiving bank. The bank or foreign form, endorsed without restric- bank to which the sender’s instruction is tion, made out to a fictitious addressed. payee (for the purposes of (bb) Receiving financial institution. The finan- §103.23), or otherwise in such cial institution or foreign financial agency form that title thereto passes to which the sender’s instruction is upon delivery; addressed. The term receiving financial (iv) Incomplete instruments (includ- institution includes a receiving bank. ing personal checks, business (cc) Recipient. The person to be paid by the checks, official bank checks, recipient’s financial institution. The term cashier’s checks, third-party recipient includes a beneficiary, except checks, promissory notes (as that where the recipient’s financial institution term is defined in the Uniform is a financial institution other than a bank. Commercial Code), and money (dd) Recipient’s financial institution. The finan- orders) signed but with the cial institution or foreign financial agency payee’s name omitted; and identified in a transmittal order in which (v) Securities or stock in bearer form an account of the recipient is to be or otherwise in such form credited pursuant to the transmittal order that title thereto passes upon or which otherwise is to make payment delivery. to the recipient if the order does not (2) Monetary instruments do not include provide for payment to an account. The warehouse receipts or bills of lading. term recipient’s financial institution (v) Originator. The sender of the first pay- includes a beneficiary’s bank, except ment order in a funds transfer. where the beneficiary is a recipient’s (w) Originator’s bank. The receiving bank to financial institution. which the payment order of the originator (ee) Secretary. The Secretary of the Treasury is issued if the originator is not a bank or or any person duly authorized by the foreign bank, or the originator if the Secretary to perform the function originator is a bank or foreign bank. mentioned. (x) Payment date. The day on which the (ff) Sender. The person giving the instruction amount of the transmittal order is payable to the receiving financial institution. to the recipient by the recipient’s finan- (gg) Structure (structuring). For purposes of cial institution. The payment date may be section 103.53, a person structures a trans- determined by instruction of the sender, action if that person, acting alone, or in but cannot be earlier than the day the conjunction with, or on behalf of, other order is received by the recipient’s finan- persons, conducts or attempts to conduct cial institution and, unless otherwise pre- one or more transactions in currency, in scribed by instruction, is the date the any amount, at one or more financial order is received by the recipient’s finan- institutions, on one or more days, in any cial institution. manner, for the purpose of evading the (y) Payment order. An instruction of a sender reporting requirements under section to a receiving bank, transmitted orally, 103.22 of this Part. ‘In any manner’

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includes, but is not limited to, the break- cause another financial institution or for- ing down of a single sum of currency eign financial agency to pay, a fixed or exceeding $10,000 into smaller sums, determinable amount of money to a including sums at or below $10,000, or recipient if: the conduct of a transaction, or series of (ll) Transmittor. The sender of the first trans- currency transactions, including transac- mittal order in a transmittal of funds. The tions at or below $10,000. The transac- term transmittor includes an originator, tion or transactions need not exceed the except where the transmittor’s financial $10,000 reporting threshold at any single institution is a financial institution or financial institution on any single day in foreign financial agency other than a order to constitute structuring within the bank or foreign bank. meaning of this definition. (mm) Transmittor’s financial institution. The (hh) Transaction account. Transaction accounts receiving financial institution to which include those accounts described in the transmittal order of the transmittor is 12 U.S.C. 461(b)(1)(C), money market issued if the transmittor is not a financial accounts and similar accounts that take institution or foreign financial agency, or deposits and are subject to withdrawal by the transmittor if the transmittor is a check or other negotiable financial institution or foreign financial (ii) Transaction in currency. A transaction agency. The term transmittor’s financial involving the physical transfer of cur- institution includes an originator’s bank, rency from one person to another. A except where the originator is a transmit- transaction which is a transfer of funds by tor’s financial institution other than a means of bank check, bank draft, wire bank or foreign bank. transfer, or other written order, and which (nn) [Effective Aug. 1, 1996.] United States. does not include the physical transfer of The States of the United States, the Dis- currency is not a transaction in currency trict of Columbia, the Indian lands (as within the meaning of this part. that term is defined in the Indian Gaming (jj) Transmittal of funds. A series of transac- Regulatory Act), and the Territories and tions beginning with the transmittor’s Insular Possessions of the United States. transmittal order, made for the purpose of (oo) Business day. Business day, as used in making payment to the recipient of the this part with respect to banks, means that order. The term includes any transmittal day, as normally communicated to its order issued by the transmittor’ s finan- depository customers, on which a bank cial institution or an intermediary finan- routinely posts a particular transaction to cial institution intended to carry out the its customer’s account. transmittor’s transmittal order. The term (pp) Postal Service. The United States Postal transmittal of funds includes a funds Service transfer. A transmittal of funds is com- (qq) FinCEN. FinCEN means the Financial pleted by acceptance by the recipient’s Crimes Enforcement Network, an office financial institution of a transmittal order within the Office of the Under Secretary for the benefit of the recipient of the (Enforcement) of the Department of the transmittor’s transmittal order. Funds Treasury. transfers governed by the Electronic Fund (rr) [Effective Aug. 1, 1996.] Indian Gaming Transfer Act of 1978 (Title XX, Pub. L. Regulatory Act. The Indian Gaming Regu- 95-630, 92 Stat. 3728, 15 U.S.C. 1693, et latory Act of 1988, codified at 25 U.S.C. seq.), as well as any other funds transfers 2701–2721 and 18 U.S.C. 1166–68. that are made through an automated clear- (ss) [Effective Aug. 1, 1996.] State. The States inghouse, an automated teller machine, or of the United States and, wherever nec- a point-of-sale system, are excluded from essary to carry out the provisions of this this definition. part, the District of Columbia. (kk) Transmittal order. The term transmittal (tt) [Effective Aug. 1, 1996.] Territories and order includes a payment order and is an Insular Possessions. The Commonwealth instruction of a sender to a receiving of Puerto Rico, the United States Virgin financial institution, transmitted orally, Islands, Guam, the Commonwealth of the electronically, or in writing, to pay, or Northern Mariana Islands, and all other

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territories and possessions of the United HISTORY: States other than the Indian lands and the [37 FR 6912, Apr. 5, 1972, as redesignated at 61 FR 4326, 4331, Feb. 5 1996] District of Columbia. AUTHORITY: HISTORY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: [52 FR 11441, Apr. 8, 1987; 52 FR 12641, Apr. 17, 1987, as 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5330. amended at 53 FR 777, Jan. 13, 1988; 53 FR 4138, Feb. 12, l988; 54 FR 3027, Jan. 23, 1989; 54 FR 28418, July 6, 1989; NOTES: 55 FR 20143, May 15, 1990; 58 FR 13546, Mar. 12, 1993; 58 [EFFECTIVE DATE NOTE: 61 FR 4326, 4331, Feb. 5 1996, FR 45263, Aug. 27, 1993; 59 FR 9088, Feb. 25, 1994; 60 FR which redesignated this section, is effective April 1, 1996.] 228, Jan. 3, 1995; 60 FR 44144, Aug. 24, 1995; 61 FR 4326, [CROSS REFERENCE: This section was formerly § 103.21.] 4331, Feb. 5, 1996, as corrected at 61 FR 14248, 14249, NOTES APPLICABLE TO ENTIRE TITLE: April 1, 1996; 61 FR 7054, 7055, Feb. 23, 1996; 61 FR 7054, EDITORIAL NOTE: Other regulations issued by Department 7055, Feb. 23, 1996; 61 FR 14383, 14385, Apr. 1, 1996] of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- AUTHORITY: ters II, IV, V, VI, and VII, and Title 48, Chapter 10. AUTHORITY NOTE APPLICABLE TO ENTIRE PART: CROSS REFERENCE: General Accounting Ofﬁce: See 4 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5330. C.F.R. Chapter I.

NOTES: NOTES APPLICABLE TO ENTIRE CHAPTER: [EFFECTIVE DATE NOTE: 60 FR 228, Jan. 3, 1995, which ABBREVIATION: The following abbreviation is used in this amended this section, became effective Jan. 1, 1996; 60 FR chapter: C.P.D. = Commissioner of the Public Debt. 44144, Aug. 24, 1995, delayed the effective date of the amendment at 60 FR 228, Jan. 3, 1995, from Jan. 1, 1996 to NOTES APPLICABLE TO ENTIRE PART: Apr. 1, 1996; 61 FR 14382, April 1, 1996, delayed the EDITORIAL NOTE: Nomenclature changes for part 103 effective date of the amendment at 60 FR 228, Jan. 3, 1995, appear at 52 FR 11442, Apr. 8, 1987. from April 1, 1996, to May 28, 1996; 61 FR 4326, 4331, Feb. 5, 1996, which revised paragraph (r) and added paragraph (qq), became effective April 1, 1996; 61 FR 7054, 7055, Feb. 23, 1996, which revised paragraphs (n)(7)(i), (z) and (nn), and added paragraphs (rr), (ss) and (tt), is effective SUBPART B—Reports Required to Aug. 1, 1996; 61 FR 14383, 14385, April 1, 1996, which be Made revised paragraphs (e), (w), (y), (aa), (bb), (dd), (kk), (ll), and (mm), became effective May 28 1996.] NOTES APPLICABLE TO ENTIRE TITLE: 31 C.F.R. 103.21 EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, §103.21 Reports by banks of Chapter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chapters II, IV, V, VI, and VII, and Title 48, Chapter 10. suspicious transactions. CROSS REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. Chapter I. (a) General.

NOTES APPLICABLE TO ENTIRE CHAPTER: (1) Every bank shall file with the Treasury ABBREVIATION: The following abbreviation is used in this Department, to the extent and in the chapter: C.P.D. = Commissioner of the Public Debt. manner required by this section, a report of any suspicious transaction relevant to NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 a possible violation of law or regulation. appear at 52 FR 11442, Apr. 8, 1987. 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 SUBPART B—Reports Required to report of any suspicious transaction that be Made it believes is relevant to the possible violation of any law or regulation but 31 C.F.R. 103.20 whose reporting is not required by this section. §103.20 Determination by the (2) A transaction requires reporting under Secretary. the terms of this section if it is conducted or attempted by, at, or through The Secretary hereby determines that the reports the bank, it involves or aggregates at required by this subpart have a high degree of least $5,000 in funds or other assets, and usefulness in criminal, tax, or regulatory inves- the bank knows, suspects, or has reason tigations or proceedings. to suspect that:

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(i) The transaction involves funds lations that require immediate attention, derived from illegal activities or is such as, for example, ongoing money intended or conducted in order to laundering schemes, the bank shall hide or disguise funds or assets immediately notify, by telephone, an derived from illegal activities appropriate law enforcement authority (including, without limitation, the in addition to filing timely a SAR. ownership, nature, source, loca- (c) Exceptions. A bank is not required to file a tion, or control of such funds or SAR for a robbery or burglary committed or assets) as part of a plan to violate attempted that is reported to appropriate law or evade any federal law or regu- enforcement authorities, or for lost, missing, lation or to avoid any transaction counterfeit, or stolen securities with respect reporting requirement under fed- to which the bank files a report pursuant eral law or regulation; to the reporting requirements of 17 C.F.R. (ii) The transaction is designed to evade 240.17f-1. any requirements of this part or of (d) Retention of records. A bank shall maintain any other regulations promulgated a copy of any SAR filed and the original or under the Bank Secrecy Act, business record equivalent of any support- Pub. L. 91-508, as amended, codi- ing documentation for a period of five years fied at 12 U.S.C. 1829b, 12 U.S.C. from the date of filing the SAR. Supporting 1951–1959, and 31 U.S.C. 5311– documentation shall be identified, and main- 5330; or tained by the bank as such, and shall be (iii) The transaction has no business or deemed to have been filed with the SAR. A apparent lawful purpose or is not bank shall make all supporting documenta- the sort in which the particular tion available to FinCEN and any appropri- customer would normally be ate law enforcement agencies or bank super- expected to engage, and the bank visory agencies upon request. knows of no reasonable explana- (e) Confidentiality of reports; limitation of lia- tion for the transaction after exam- bility. No bank or other financial institution, ining the available facts, including and no director, officer, employee, or agent the background and possible pur- of any bank or other financial institution, pose of the transaction. who reports a suspicious transaction under (b) Filing procedures— this part, may notify any person involved in (1) What to file. A suspicious transaction the transaction that the transaction has been shall be reported by completing a Sus- reported. Thus, any person subpoenaed or picious Activity Report (‘‘SAR’’), and otherwise requested to disclose a SAR or collecting and maintaining supporting the information contained in a SAR, except documentation as required by para- where such disclosure is requested by graph (d) of this section. FinCEN or an appropriate law enforcement (2) Where to file. The SAR shall be filed or bank supervisory agency, shall decline to with FinCEN in a central location, to be produce the SAR or to provide any informa- determined by FinCEN, as indicated in tion that would disclose that a SAR has been the instructions to the SAR. prepared or filed, citing this paragraph (e) (3) When to file. A bank is required to file and 31 U.S.C. 5318(g)(2), and shall notify a SAR no later than 30 calendar days FinCEN of any such request and its response after the date of initial detection by the thereto. A bank, and any director, officer, bank of facts that may constitute a basis employee, or agent of such bank, that makes for filing a SAR. If no suspect was a report pursuant to this section (whether identified on the date of the detection of such report is required by this section or is the incident requiring the filing, a bank made voluntarily) shall be protected from may delay filing a SAR for an additional liability for any disclosure contained in, or 30 calendar days to identify a suspect. for failure to disclose the fact of such report, In no case shall reporting be delayed or both, to the full extent provided by more than 60 calendar days after the 31 U.S.C. 5318(g)(3). date of initial detection of a reportable (f) Compliance. Compliance with this section transaction. In situations involving vio- shall be audited by the Department of the

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Treasury, through FinCEN or its delegees exchange of currency or other payment under the terms of the Bank Secrecy Act. or transfer, by, through, or to such Failure to satisfy the requirements of this financial institution which involves a section may be a violation of the reporting transaction in currency of more than rules of the Bank Secrecy Act and of this $10,000. Transactions in currency by part. Such failure may also violate provi- exempt persons with banks occurring sions of Title 12 of the Code of Federal after April 30, 1996, are not subject to Regulations. this requirement to the extent provided in paragraph (h) of this section. Mul- HISTORY: tiple currency transactions shall be [61 FR 4326, 4331, Feb. 5, 1996, as corrected at 61 FR 14248, treated as a single transaction if the 14249, April 1, 1996, and 61 FR 18250, April 25, 1996] financial institution has knowledge that AUTHORITY: they are by or on behalf of any person AUTHORITY NOTE APPLICABLE TO ENTIRE PART: and result in either cash in or cash out 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5330. totalling more than $10,000 during any NOTES: one business day. Deposits made at [EFFECTIVE DATE NOTE: 61 FR 4326, 4331, Feb. 5, 1996, night or over a weekend or holiday shall which added this section, became effective April 1, 1996.] be treated as if received on the next NOTES APPLICABLE TO ENTIRE TITLE: business day following the deposit. EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- (2) Each casino shall file a report of each ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- transaction in currency, involving either ters II, IV, V, VI, and VII, and Title 48, Chapter 10. cash in or cash out, of more than CROSS REFERENCE: General Accounting Office: See 4 C.F.R. Chapter I. $10,000. (i) Transactions in currency involving NOTES APPLICABLE TO ENTIRE CHAPTER: cash in include, but are not limited ABBREVIATION: The following abbreviation is used in this chapter: C.P.D. = Commissioner of the Public Debt. to: (A) Purchases of chips, tokens, and NOTES APPLICABLE TO ENTIRE PART: plaques; EDITORIAL NOTE: Nomenclature changes for part 103 appear at 52 FR 11442, Apr. 8, 1987. (B) Front money deposits; (C) Safekeeping deposits; (D) Payments on any form of credit, including markers and TITLE 31—Money and Finance: counter checks; Treasury (E) Bets of currency; SUBTITLE B—Regulations Relating (F) Currency received by a casino to Money and Finance for transmittal of funds through wire transfer for a customer; CHAPTER I—Monetary Offices, (G) Purchases of a casino’s check; Department of the Treasury and (H) Exchanges of currency for cur- PART 103—Financial Recordkeeping rency, including foreign cur- and Reporting of Currency and rency. Foreign Transactions (ii) Transactions in currency involving SUBPART A—Definitions cash out include, but are not limited to: 31 C.F.R. 103.11 (A) Redemptions of chips, tokens, §103.22 Reports of currency and plaques; transactions. (B) Front money withdrawals; (C) Safekeeping withdrawals; (a) (1) Each financial institution other than a (D) Advances on any form of casino or the Postal Service shall file a credit, including markers and report of each deposit, withdrawal, counter checks;

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(E) Payments on bets, including documents and information, slot jackpots; which the casino maintains (F) Payments by a casino to a pursuant to any law or regu- customer based on receipt of lation or within the normal funds through wire transfer for course of its business, contain credit to a customer; information that such multiple (G) Cashing of checks or other currency transactions have negotiable instruments; occurred. (H) Exchanges of currency for cur- (3) The Postal Service shall file a report of rency, including foreign cur- each cash purchase of postal money rency; and orders in excess of $10,000. Multiple (I) Reimbursements for custom- cash purchases totaling more than ers’ travel and entertainment $10,000 shall be treated as a single expenses by the casino. transaction if the Postal Service has (iii) Multiple currency transactions shall knowledge that they are by or on behalf be treated as a single transaction if of any person during any one day. the casino has knowledge that they (4) A financial institution includes all of are by or on behalf of any person its domestic branch offices for the and result in either cash in or cash purpose of this paragraph’s reporting out totalling more than $10,000 requirements. during any gaming day. For pur- (b) Except as otherwise directed in writing by poses of this paragraph (a)(2), a the Assistant Secretary (Enforcement) or the casino shall be deemed to have the Commissioner of Internal Revenue: knowledge described in the preced- (1) This section shall not require reports: ing sentence, if: any sole propri- (i) Of transactions with Federal etor, partner, officer, director, or Reserve Banks or Federal Home employee of the casino, acting Loan banks; within the scope of his or her employment, has knowledge that (ii) Of transactions between domestic such multiple currency transac- banks; or tions have occurred, including (iii) By nonbank financial institutions knowledge from examining the of transactions with commercial books, records, logs, information banks (however, commercial banks retained on magnetic disk, tape or must report such transactions with other machine-readable media, or nonbank financial institutions). in any manual system, and similar (2) A bank may exempt from the reporting documents and information, which requirement of paragraph (aa) of this the casino maintains pursuant to section the following: any law or regulation or within the (i) Deposits or withdrawals of cur- ordinary course of its business, and rency from an existing account by which contain information that such an established depositor who is a multiple currency transactions have United States resident and operates occurred. a retail type of business in the (A) Any sole proprietor, partner, United States. For the purpose of officer, director, or employee this subsection, a retail type of of the casino, acting within business is a business primarily the scope of his or her employ- engaged in providing goods to ment has knowledge that such ultimate consumers and for which multiple currency transactions the business is paid in substantial have occurred, or portions by currency, except that (B) The books, records, logs, infor- dealerships which buy or sell motor mation retained on magnetic vehicles, vessels, or aircraft are not disk, tape or other machine- included and their transactions may readable media, or in any not be exempted from the reporting manual system, and similar requirements of this section.

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(ii) Deposits or withdrawals of cur- person signing, will attest to the accuracy rency from an existing account by of the information concerning the name, an established depositor who is a address, nature of business, and tax identi- United States resident and operates fication number of the customer. Immedi- a sports arena, race track, amuse- ately above the signature line, the following ment park, bar, restaurant, hotel, statement shall appear: check cashing service licensed by ‘‘The information contained above is true state or local governments, vend- and correct to the best of my knowledge ing machine company, theater, reg- and belief. I understand that this informa- ularly scheduled passenger carrier tion will be read and relied upon by the or any public utility. Government.’’ (iii) Deposits or withdrawals, exchanges The bank shall indicate in this statement of currency or other payments and whether the exemption covers withdrawals, transfers by local or state govern- deposits, or both, as well as the dollar limit ments, or the United States or any of the exemption for both deposits and of its agencies or instrumentalities. withdrawals. The bank also shall indicate (iv) Withdrawals for payroll purposes whether the exemption is limited to certain from an existing account by an types of deposits and withdrawals (e.g., established depositor who is a withdrawals for payroll purposes). In each United States resident and operates instance, the exempted transactions must be a firm that regularly withdraws in amounts that the bank may reasonably more than $10,000 in order to pay conclude do not exceed amounts commen- its employees in currency. surate with the customary conduct of the (c) In each instance the transactions exempted lawful domestic business of that customer. under paragraph (b) of this section must be The bank is responsible for independently in amounts which the bank may reasonably verifying the activity of the account and conclude do not exceed amounts commen- determining applicable dollar limits for surate with the customary conduct of the exempted deposits or withdrawals. The bank lawful, domestic business of that customer, must retain each statement that it prepares or in the case of transactions with a local pursuant to this subparagraph as long as the or state govenment or the United States or customer is on the exempt list, and for a any of its agencies or instrumentalities, in period of five years following removal of amounts which are customary and commen- the customer from the bank’s exempt list. surate with the authorized activities of the (e) A bank may apply to the Commissioner of agency or instrumentality. This section does Internal Revenue for additional authority to not permit a bank to exempt its transactions grant an exemption to the reporting require- with nonbank financial institutions (except ment, not otherwise permitted under para- for check cashing services licensed by state graph (b) of this section, if the bank believes or local governments and the United States that circumstances warrent such an exemp- Postal Service) nor will additional exemption. Such requests shall be addressed to: tion authority be granted for such transac- Chief, Currency and Banking Reports tion (except transactions by other check Branch, Compliance Review Group, IRS cashers). Data Center, Post Office Box 32063, Detroit, (d) After October 27, 1986, a bank may not Michigan 48232, and must be accompanied place any customer on its exempt list with- by a statement of the circumstances that out first preparing a written statement, signed warrant special exemption treatment and a by the customer, describing the customary copy of the statement signed by the cus- conduct of the lawful domestic business of tomer required by paragraph (d) of this that customer and a detailed statement of section. reasons why such person is qualified for an (f) A record of each exemption granted under exemption. The statement shall include the this section and the reason therefor must be name, address, nature of business, taxpayer kept in a centralized list. The record shall identification number, and account number include the names and addresses of all banks of the customer being exempted. The signa- referred to in paragraph (b)(1)(ii) of this ture, including the title and position of the section, as well as the name, address, busi-

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ness, taxpayer identification number and mental authority on behalf of the account number of each depositor that has United States or any such state or engaged in currency transactions which have political subdivision; not been reported because of the exemption (iv) Any corporation whose common provided in paragraph (b)(2) of this section. stock is listed on the New York The record concerning the group of deposi- Stock Exchange or the American tors exempted under the provisions of Stock Exchange (except stock listed paragraph (b)(2) of this section shall also on the Emerging Company Mar- indicate whether the exemption covers with- ketplace of the American Stock drawals, deposits, or both, as well as the Exchange) or whose common stock dollar limit of the exemption. has been designated as a Nasdaq (g) Upon the request of the Assistant Secretary National Market Security listed on (Enforcement) or the Commissioner of the Nasdaq Stock Market (except Internal Revenue, a bank shall provide a stock listed under the separate report containing the list of the bank’s ‘‘Nasdaq Small-Cap Issues’’ head- customers whose transactions have been ing); and exempted under this section and such related (v) Any subsidiary of any corporation information as the Assistant Secretary or described in paragraph (h)(2)(iv) of Commissioner shall require, including cop- this section whose federal income ies of the statements required in paragraph tax return is filed as part of a (d) of this section. The report must be consolidated federal income tax provided within 15 days of the request. Any return with such corporation, pur- exemption may be rescinded at the discre- suant to section 1501 of the Inter- tion of the requesting official, who may nal Revenue Code and the regula- require the bank to file reports required by tions promulgated thereunder, for paragraph (aa) of this section with respect to the calendar year 1995 or for its future transactions of any customer whose last fiscal year ending before transactions previously were exempted. April 15, 1996. (h) No filing required by banks for transactions (3) Designation of exempt persons. by exempt persons occurring after April 30, (i) A bank must designate each exempt 1996. person with whom it engages (1) Currency transactions of exempt per- in transactions in currency, on or sons with banks occurring after before the later of August 15, April 30, 1996. Notwithstanding the 1996,1 and the date 30 days follow- provisions of paragraph (a)(1) of this ing the first transaction in currency section, no bank is required to file a between such bank and such exempt report otherwise required by paragraph person that occurs after April 30, (a)(1) of this section, with respect to 1996. any transaction in currency between an (ii) Designation of an exempt person exempt person and a bank that is con- shall be made by a single filing of ducted after April 30, 1996. Internal Revenue Service Form (2) Exempt person. For purposes of this 4789, in which line 36 is marked section, an exempt person is: ‘‘Designation of Exempt Person’’ (i) A bank, to the extent of such bank’s and items 2–14 (Part I, Section A) domestic operations; and items 37–49 (Part III) are com- (ii) A department or agency of the pleted. The designation must be United States, of any state, or of made separately by each bank that any political subdivision of any treats the person in question as an state; exempt person. (For availability, (iii) Any entity established under the see 26 C.F.R. 601.602.) laws of the United States, of any (iii) This designation requirement state, or of any political subdivi- applies whether or not the particu- sion of any state, or under an interstate compact between two or more states, that exercises govern- 1. Rescinded.

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lar exempt person to be designated (iv) In determining whether a person is has previously been treated as described in paragraph (h)(2)(v) of exempt from the reporting require- this section, a bank may rely upon ments of paragraph (a) of this sec- any reasonably authenticated cor- tion under the rules contained in porate officer’s certificate or any paragraph (b) or (e) of this section. reasonably authenticated photo- (4) Operating rules for designating exempt copy of Internal Revenue Service persons. Form 851 (Affiliation Schedule) or the equivalent thereof for the (i) Subject to the specific rules of this appropriate tax year. paragraph (h), a bank must take (5) Limitation on exemption. A transaction such steps to assure itself that a carried out by an exempt person as an person is an exempt person (within agent for another person who is the the meaning of applicable provi- beneficial owner of the funds that are sions of paragraph (h)(2) of this the subject of a transaction in currency section) that a reasonable and pru- is not subject to the exemption from dent bank would take to protect reporting contained in paragraph (h)(1) itself from loan or other fraud or of this section. loss based on misidentification of a (6) Effect of exemption; limitation on person’s status. liability. (ii) A bank may treat a person as a (i) FinCEN may in the future deter- governmental department, agency, mine by amendment to this part or entity if the name of such person that the exemption contained in reasonably indicates that it is this paragraph (h) shall be the only described in paragraph (h)(2)(ii) or basis for exempting persons (h)(2)(iii) of this section, or if such described in paragraph (h)(2) of person is known generally in the this section from the reporting re- community to be a State, the Dis- quirements of paragraph (a) of this trict of Columbia, a tribal govern- section. ment, a Territory or Insular Posses- (ii) No bank shall be subject to penalty sion of the United States, or a under this part for failure to file a political subdivision or a wholly- report required by paragraph (a) of owned agency or instrumentality this section with respect to a cur- of any of the foregoing. An entity rency transaction by an exempt generally exercises governmental person with respect to which the authority on behalf of the United requirements of this paragraph (h) States, a State, or a political subdi- have been satisfied, unless the bank: vision, for purposes of paragraph (iii) (A) Knowingly files false or (h)(2)(iii) of this section, only if incomplete information with its authorities include one or more respect to the transaction or of the powers to tax, to exercise the customer engaging in the the authority of eminent domain, transaction; or or to exercise police powers with (B) Has reason to believe at the respect to matters within its time the exemption is granted jurisdiction. that the customer does not (iii) In determining whether a person is meet the criteria established described in paragraph (h)(2)(iv) by this paragraph (h) for treat- of this section, a bank may rely on ment of the transactor as an any New York Stock Exchange, exempt person or that the American Stock Exchange, or transaction is not a transaction Nasdaq Stock Market listing pub- of the exempt person. lished in a newspaper of general (iv) A bank that files a report with circulation and on any commonly respect to a currency transaction by accepted or published stock sym- an exempt person rather than treat- bol guide. ing such person as exempt shall

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remain subject with respect to each return of a person described in para- such report to the rules for filing graph (h)(2)(iv) of this section. reports, and the penalties for filing false or incomplete reports, that are (Approved by the Office of Management and Budget under applicable to reporting of transac- control number 1505-0063) tions in currency by persons other HISTORY: than exempt persons. A bank that [52 FR 11442, Apr. 8, 1987, as amended at 53 FR 777, Jan. continues for the period permitted 13, 1988; 53 FR 4138, Feb. 12, 1988; 58 FR 13547, Mar. 12, by paragraph (h)(6)(i) of this sec- 1993; 58 FR 45263, Aug. 27, 1993; 59 FR 9088, Feb. 25, 1994; 59 FR 61662, Dec. 1, 1994; 61 FR 18204, 18209, tion to treat a person described in April 24, 1996] paragraph (h)(2) of this section as exempt from the reporting require- AUTHORITY: ments of paragraph (aa) of this AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5330. section on a basis other than as provided in this paragraph (h) shall NOTES: remain subject in full to the rules [EFFECTIVE DATE NOTE: 61 FR 18204, 18209, April 24, governing an exemption on such 1996, which added a new sentence immediately following the first sentence in paragraph (aa)(1), and added a new paragraph other basis and to the penalties for (h), became effective May 1, 1996.] failing to comply with the rules NOTES APPLICABLE TO ENTIRE TITLE: governing such other exemption. EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- (7) Obligation to file suspicious activity ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- reports, etc. Nothing in this paragraph ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS (h) relieves a bank of the obligation, or REFERENCE: General Accounting Office: See 4 C.F.R. alters in any way such bank’s obliga- Chapter I. tion, to file a report required by §103.21 NOTES APPLICABLE TO ENTIRE CHAPTER: with respect to any transaction, includ- ABBREVIATION: The following abbreviation is used in this ing, without limitation, any transaction chapter: C.P.D. = Commissioner of the Public Debt. in currency, or relieves a bank of any NOTES APPLICABLE TO ENTIRE PART: other reporting or recordkeeping obliga- EDITORIAL NOTE: Nomenclature changes for part 103 tion imposed by this part (except the appear at 52 FR 11442, Apr. 8, 1987. obligation to report transactions in currency pursuant to paragraph (a) of this section to the extent provided in this paragraph (h)). SUBPART B—Reports Required to (8) Revocation. The status of any person as be Made an exempt person under this paragraph (h) may be revoked by FinCEN by 31 C.F.R. 103.23 written notice, which may be provided §103.23 Reports of transportation of by publication in the Federal Register in appropriate situations, on such terms as currency or monetary instruments. are specified in such notice. In addition, (a) Each person who physically transports, and without any action on the part of the mails, or ships, or causes to be physically Treasury Department: transported, mailed, or shipped, or attempts (i) The status of a corporation as an to physically transport, mail or ship, or exempt person pursuant to para- attempts to cause to be physically trans- graph (h)(2)(iv) of this section ported, mailed or shipped, currency or other ceases once such corporation ceases monetary instruments in an aggregate amount to be listed on the applicable stock exceeding $10,000 at one time from the exchange; and United States to any place outside the United (ii) The status of a subsidiary as an States, or into the United States from any exempt person under paragraph place outside the United States, shall make a (h)(2)(v) of this section ceases once report thereof. A person is deemed to have such subsidiary ceases to be included caused such transportation, mailing or ship- in a consolidated federal income tax ping when he aids, abets, counsels, com-

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mands, procures, or requests it to be done by (8) By a person with respect to a restric- a financial institution or any other person. tively endorsed traveler’s check that is (b) Each person who receives in the U.S. cur- in the collection and reconciliation pro- rency or other monetary instruments in an cess after the traveler’s check has been aggregate amount exceeding $10,000 at negotiated, one time which have been transported, (9) Nor by a person engaged as a business mailed, or shipped to such person from any in the transportation of currency, mone- place outside the United States with respect tary instruments and other commercial to which a report has not been filed under papers with respect to the transportation paragraph (a) of this section, whether or of currency or other monetary instru- not required to be filed thereunder, shall ments overland between established make a report thereof, stating the amount, offices of banks or brokers or dealers in the date of receipt, the form of monetary securities and foreign persons. instruments, and the person from whom (d) A transfer of funds through normal banking received. procedures which does not involve the physi- (c) This section shall not require reports by: cal transportation of currency or monetary (1) A Federal Reserve; instruments is not required to be reported by (2) A bank, a foreign bank, or a broker or this section. This section does not require dealer in securities, in respect to cur- that more than one report be filed covering rency or other monetary instruments a particular transportation, mailing or ship- mailed or shipped through the postal ping of currency or other monetary instru- service or by common carrier; ments with respect to which a complete and truthful report has been filed by a person. (3) A commercial bank or trust company However, no person required by paragraph organized under the laws of any State or (a) or (b) of this section to file a report shall of the United States with respect to be excused from liability for failure to do so overland shipments of currency or mone- if, in fact, a complete and truthful report has tary instruments shipped to or received not been filed. from an established customer maintaining a deposit relationship with the bank, in amounts which the bank may reason- (Approved by the Office of Management and Budget under ably conclude do not exceed amounts control number 1505-0063) commensurate with the customary conduct of the business, industry or profes- HISTORY: [37 FR 26517, Dec. 13, 1972, as amended at 50 FR 18479, sion of the customer concerned; May 1, 1985; 50 FR 42693, Oct. 22, 1985; 53 FR 4138, (4) A person who is not a citizen or resi- Feb. 12, 1988; 54 FR 28418, July 6, 1989] dent of the United States in respect to currency or other monetary instru- AUTHORITY: ments mailed or shipped from abroad to AUTHORITY NOTE APPLICABLE TO ENTIRE PART: a bank or broker or dealer in securities 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. through the postal service or by common carrier; NOTES: (5) A common carrier of passengers in NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department respect to currency or other monetary of the Treasury appear in Title 12, Chapter I; Title 19, Chap- instruments in the possession of its ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- passengers; ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS (6) A common carrier of goods in respect REFERENCE: General Accounting Office: See 4 C.F.R. Chapter I. to shipments of currency or monetary instruments not declared to be such by the shipper; NOTES APPLICABLE TO ENTIRE CHAPTER: ABBREVIATION: The following abbreviation is used in this (7) A travelers’ check issuer or its agent in chapter: C.P.D. = Commissioner of the Public Debt. respect to the transportation of travelers’ checks prior to their delivery to NOTES APPLICABLE TO ENTIRE PART: selling agents for eventual sale to the EDITORIAL NOTE: Nomenclature changes for part 103 public; appear at 52 FR 11442, Apr. 8, 1987.

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TITLE 31—Money and Finance: NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 Treasury appear at 52 FR 11442, Apr. 8, 1987. SUBTITLE B—Regulations Relating to Money and Finance CHAPTER I—Monetary Ofﬁces, SUBPART B—Reports Required Department of the Treasury to be Made PART 103—Financial Recordkeeping 31 C.F.R. 103.25 and Reporting of Currency and §103.25 Reports of transactions with Foreign Transactions foreign ﬁnancial agencies.

SUBPART B—Reports Required (a) Promulgation of reporting requirements. The to be Made Secretary, when he deems appropriate, may 31 C.F.R. 103.24 promulgate regulations requiring specified financial institutions to file reports of certain §103.24 Reports of foreign financial transactions with designated foreign finan- accounts. cial agencies. If any such regulation is issued as a final rule without notice and (a) Each person subject to the jurisdiction of the opportunity for public comment, then a United States (except a foreign subsidiary of finding of good cause for dispensing with a U.S. person) having a financial interest in, notice and comment in accordance with or signature or other authority over, a bank, 5 U.S.C. 553(b) will be included in the securities or other financial account in a regulation. If any such regulation is not foreign country shall report such relation- published in the Federal Register, then any ship to the Commissioner of the Internal financial institution subject to the regulation Revenue for each year in which such rela- will be named and personally served or tionship exists, and shall provide such infor- otherwise given actual notice in accordance mation as shall be specified in a reporting with 5 U.S.C. 553(b). If a financial institu- form prescribed by the Secretary to be filed tion is given notice of a reporting require- by such persons. Persons having a financial ment under this section by means other than interest in 25 or more foreign financial publication in the FEDERAL REGISTER, accounts need only note that fact on the the Secretary may prohibit disclosure of the form. Such persons will be required to existence or provisions of that reporting provide detailed information concerning each requirement to the designated foreign finan- account when so requested by the Secretary cial agency or agencies and to any other or his delegate. party. (b) Information subject to reporting require- HISTORY: ments. A regulation promulgated pursuant [42 FR 63774, Dec. 20, 1977, as amended at 52 FR 11443, Apr. 8, 1987; 52 FR 12641, Apr. 17, 1987] to paragraph (a) of this section shall designate one or more of the following categories AUTHORITY: of information to be reported: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: (1) Checks or drafts, including traveler’s 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. checks, received by respondent finan- NOTES: cial institution for collection or credit NOTES APPLICABLE TO ENTIRE TITLE: to the account of a foreign financial EDITORIAL NOTE: Other regulations issued by Department agency, sent by respondent financial of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- institution to a foreign country for col- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS lection or payment, drawn by respon- REFERENCE: General Accounting Office: See 4 C.F.R. dent financial institution on a foreign Chapter I. financial agency, drawn by a foreign financial agency on respondent financial NOTES APPLICABLE TO ENTIRE CHAPTER: ABBREVIATION: The following abbreviation is used in this institution—including the following chapter: C.P.D. = Commissioner of the Public Debt. information.

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(i) Name of maker or drawer; (vii) Amount of transaction; (ii) Name of drawee or drawee finan- (viii) Name of registered holder. cial institution; (7) Certificates of deposit received or shipped (iii) Name of payee; by respondent financial institution— (iv) Date and amount of instrument; including the following information: (iv) Names of all endorsers. (i) Name and address of issuer; (2) Transmittal orders received by a respon- (ii) Date issued; dent financial institution from a foreign (iii) Dollar amount; financial agency or sent by respondent (iv) Name of registered holder; financial institution to a foreign finan- (v) Due date; cial agency, including all information (vi) Rate of interest; maintained by that institution pursuant to §103.33. (vii) Certificate number; (3) Loans made by respondent financial (viii) Name and address of issuing institution to or through a foreign finan- agent. cial agency—including the following (c) Scope of reports. In issuing regulations as information: provided in paragraph (a) of this section, the (i) Name of borrower; Secretary will prescribe: (ii) Name of person acting for bor- (1) A reasonable classification of financial rower; institutions subject to or exempt from a (iii) Date and amount of loan; reporting requirement; (iv) Terms of repayment; (2) A foreign country to which a reporting (v) Name of guarantor; requirement applies if the Secretary (vi) Rate of interest; decides that applying the requirement to (vii) Method of disbursing proceeds; all foreign countries is unnecessary or (viii) Collateral for loan. undesirable; (4) Commercial paper received or shipped (3) The magnitude of transactions subject by the respondent financial institution— to a reporting requirement; and including the following information: (4) The kind of transaction subject to or (i) Name of maker; exempt from a reporting requirement. (ii) Date and amount of paper; (d) Form of reports. Regulations issued pursu- (iii) Due date; ant to paragraph (a) of this section may (iv) Certificate number; prescribe the manner in which the informa- (v) Amount of transaction. tion is to be reported. However, the Secre- (5) Stocks received or shipped by respon- tary may authorize a designated financial dent financial institution—including the institution to report in a different manner if following information: the institution demonstrates to the Secretary (i) Name of corporation; that the form of the required report is (ii) Type of stock; unnecessarily burdensome on the institution (iii) Certificate number; as prescribed; that a report in a different form will provide all the information the (iv) Number of shares; Secretary deems necessary; and that submis- (v) Date of certificate; sion of the information in a different manner (vi) Name of registered holder; will not unduly hinder the effective admin- (vii) Amount of transaction. istration of this part. (6) Bonds received or shipped by respon- (e) Limitations. dent financial institution—including the (1) In issuing regulations under paragraph following information: (a) of this section, the Secretary shall (i) Name of issuer; consider the need to avoid impeding or (ii) Bond number; controlling the export or import of mone- (iii) Type of bond series; tary instruments and the need to avoid (iv) Date issued; burdening unreasonably a person mak- (v) Due date; ing a transaction with a foreign financial (vi) Rate of interest; agency.

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(2) The Secretary shall not issue a regula- SUBPART B—Reports Required tion under paragraph (a) of this section to be Made for the purpose of obtaining individu- ally identifiable account information 31 C.F.R. 103.26 concerning a customer, as defined by the Right to Financial Privacy Act (12 §103.26 Reports of certain domestic U.S.C. 3401 et seq.), where that cus- coin and currency transactions. tomer is already the subject of an ongoing investigation for possible violation (a) If the Secretary of the Treasury finds, upon of the Currency and Foreign Transac- the Secretary’s own initiative or at the tions Reporting Act, or is known by the request of an appropriate Federal or State Secretary to be the subject of an inves- law enforcement official, that reasonable tigation for possible violation of any grounds exist for concluding that additional other Federal law. recordkeeping and/or reporting requirements are necessary to carry out the pur- (3) The Secretary may issue a regulation poses of this part and to prevent persons pursuant to paragraph (a) of this section from evading the reporting/recordkeeping requiring a financial institution to report requirements of this part, the Secretary may transactions completed prior to the issue an order requiring any domestic finan- date it received notice of the reporting cial institution or group of domestic finan- requirement. However, with respect to cial institutions in a geographic area and any completed transactions, a financial insti- other person participating in the type of tution may be required to provide infor- transaction to file a report in the manner and mation only from records required to be to the extent specified in such order. The maintained pursuant to Subpart C of this order shall contain such information as the part, or any other provision of state or Secretary may describe concerning any Federal law, or otherwise maintained in transaction in which such financial institu- the regular course of business. tion is involved for the payment, receipt, or transfer of United States coins or currency (or such other monetary instruments as the (Approved by the Office of Management and Budget under control number 1505-0063) Secretary may describe in such order) the total amounts or denominations of which are equal to or greater than an amount which the HISTORY: [50 FR 27824, July 8, 1985, as amended at 53 FR 10073, Secretary may prescribe. March 29, 1988; 60 FR 229, Jan. 3, 1995; 60 FR 44144, (b) An order issued under paragraph (a) of this Aug. 24, 1995; 61 FR 14382, April 1, 1996] section shall be directed to the Chief Execu- tive Officer of the financial institution and AUTHORITY: shall designate one or more of the following AUTHORITY NOTE APPLICABLE TO ENTIRE PART: categories of information to be reported: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. Each deposit, withdrawal, exchange of currency or other payment or transfer, by, NOTES: through or to such financial institution speci- NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department fied in the order, which involves all or any of the Treasury appear in Title 12, Chapter I; Title 19, Chap- class of transactions in currency and/or ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- monetary instruments equal to or exceeding ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS an amount to be specified in the order. REFERENCE: General Accounting Office: See 4 C.F.R. Chapter I. (c) In issuing an order under paragraph (a) of this section, the Secretary will prescribe: NOTES APPLICABLE TO ENTIRE CHAPTER: (1) The dollar amount of transactions sub- ABBREVIATION: The following abbreviation is used in this ject to the reporting requirement in the chapter: C.P.D. = Commissioner of the Public Debt. order; (2) The type of transaction or transactions NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 subject to or exempt from a reporting appear at 52 FR 11442, Apr. 8, 1987. requirement in the order;

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(3) The appropriate form for reporting the NOTES: transactions required in the order; NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department (4) The address to which reports required in of the Treasury appear in Title 12, Chapter I; Title 19, Chap- the order are to be sent or from which ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- they will be picked up; ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Office: See 4 C.F.R. (5) The starting and ending dates by which Chapter I. such transactions specified in the order are to be reported; NOTES APPLICABLE TO ENTIRE CHAPTER: ABBREVIATION: The following abbreviation is used in this (6) The name of a Treasury official to be chapter: C.P.D. = Commissioner of the Public Debt. contacted for any additional information or questions; NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 (7) The amount of time the reports and appear at 52 FR 11442, Apr. 8, 1987. records of reports generated in response to the order will have to be retained by the financial institution; and (8) Any other information deemed neces- TITLE 31—Money and Finance: sary to carry out the purposes of the Treasury order. SUBTITLE B—Regulations Relating (d) (1) No order issued pursuant to paragraph to Money and Finance (a) of this section shall prescribe a reporting period of more than 60 days CHAPTER I—Monetary Offices, unless renewed pursuant to the require- Department of the Treasury ments of paragraph (a). (2) Any revisions to an order issued under PART 103—Financial Recordkeeping this section will not be effective until and Reporting of Currency and made in writing by the Secretary. Foreign Transactions (3) Unless otherwise specified in the order, SUBPART B—Reports to be Made a bank receiving an order under this section may continue to use the exemp- 31 C.F.R. 103.27 tions granted under §103.22 of this part prior to the receipt of the order, but may §103.27 Filing of reports. not grant additional exemptions. (4) For purposes of this section, the term (a) (1) A report required by §103.22(a) shall be ‘‘geographic area’’ means any area in filed by the financial institution within one or more States of the United States, 15 days following the day on which the the District of Columbia, the Common- reportable transaction occurred. wealth of Puerto Rico, the United States (2) A report required by §103.22(g) shall Virgin Islands, Guam, the Common- be filed by the bank within 15 days after wealth of the Northern Mariana Islands, receiving a request for the report. American Samoa, the Trust Territory of (3) A copy of each report filed pursuant to the Pacific Islands, the territories and §103.22 shall be retained by the finan- possessions of the United States, and/or cial institution for a period of five years political subdivision or subdivisions from the date of the report. thereof, as specified in an order issued (4) All reports required to be filed by pursuant to paragraph (a) of this section. §103.22 shall be filed with the Com- missioner of Internal Revenue, unless (Approved by the Office of Management and Budget under otherwise specified. control number 1505-0063) (b) (1) A report required by §103.23(a) shall be HISTORY: filed at the time of entry into the United [54 FR 33679, Aug. 16, 1989] States or at the time of departure, mailing or shipping from the United States, AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: unless otherwise specified by the Com- 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. missioner of Customs.

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(2) A report required by §103.23(b) shall NOTES APPLICABLE TO ENTIRE CHAPTER: be filed within 15 days after receipt ABBREVIATION: The following abbreviation is used in this chapter: C.P.D. = Commissioner of the Public Debt. of the currency or other monetary instruments. NOTES APPLICABLE TO ENTIRE PART: (3) All reports required by §103.23 shall be EDITORIAL NOTE: Nomenclature changes for part 103 filed with the Customs officer in charge appear at 52 FR 11442, Apr. 8, 1987. at any port of entry or departure, or as otherwise specified by the Commis- sioner of Customs. Reports required by SUBPART B—Reports Required §103.23(a) for currency or other mone- to be Made tary instruments not physically accom- panying a person entering or departing 31 C.F.R. 103.28 from the United States, may be filed by mail on or before the date of entry, §103.28 Identification required. departure, mailing or shipping. All reports required by §103.23(b) may also Before concluding any transaction with respect be filed by mail. Reports filed by mail to which a report is required under §103.22, a shall be addressed to the Commissioner financial institution shall verify and record the of Customs, Attention: Currency Trans- name and address of the individual presenting portation Reports, Washington, DC a transaction, as well as record the identity, 20229. account number, and the social security or taxpayer identification number, if any, of any (c) Reports required to be filed by §103.24 person or entity on whose behalf such trans- shall be filed with the Commissioner of action is to be effected. Verification of the Internal Revenue on or before June 30 of identity of an individual who indicates that he each calendar year with respect to foreign or she is an alien or is not a resident of the financial acccounts exceeding $10,000 United States must be made by passport, alien maintained during the previous calendar identification card, or other official document year. evidencing nationality or residence (e.g., a Pro- (d) Reports required by §103.22, §103.23 or vincial driver’s license with indication of §103.24 shall be filed on forms prescribed home address). Verification of identity in any by the Secretary. All information called for other case shall be made by examination of in such forms shall be furnished. a document, other than a bank signature card, (e) Forms to be used in making the reports that is normally acceptable within the banking required by §§103.22 and 103.24 may be community as a means of identification when obtained from the Internal Revenue Service. cashing checks for nondepositors (e.g., a drivers Forms to be used in making the reports license or credit card). Where a person is a required by §103.23 may be obtained from nonresident alien, the casino shall also record the U.S. Customs Service. the person’s passport number or a description (Approved by the Office of Management and Budget under of some other government document used control number 1505-0063) to verify his identity. A bank signature card may be relied upon only if it was issued after HISTORY: documents establishing the identity of the [52 FR 11443, Apr. 8, 1987; 52 FR 12641, Apr. 17, 1987, as amended at 53 FR 4138, Feb. 12, 1988. Redesignated at 54 FR individual were examined and notation of the 33678, Aug. 16, 1989] specific information was made on the signature card. In each instance, the specific identi- AUTHORITY: fying information (i.e., the account number of AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. the credit card, the driver’s license number, etc.) used in verifying the identity of the cus- NOTES: tomer shall be recorded on the report, and NOTES APPLICABLE TO ENTIRE TITLE: the mere notation of ‘‘known customer’’ or EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ‘‘bank signature card on file’’ on the report is ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- prohibited. ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Office: See 4 C.F.R. (Approved by the Office of Management and Budget under Chapter I. control number 1505-0063)

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HISTORY: ture card or other file or record at [52 FR 11443, Apr. 8, 1987; 52 FR 12641, Apr. 17, 1987, as the financial institution provided the amended at 54 FR 3027, Jan. 23, 1989. Redesignated at 54 FR 33678, Aug. 16, 1989] deposit accountholder’s name and address were verified previously and AUTHORITY: that information was recorded on AUTHORITY NOTE APPLICABLE TO ENTIRE PART: the signature card or other file or 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. record; or by examination of a docu- NOTES: ment which is normally acceptable NOTES APPLICABLE TO ENTIRE TITLE: within the banking community as a EDITORIAL NOTE: Other regulations issued by Department means of identification when cash- of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ing checks for nondepositors and ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS which contains the name and REFERENCE: General Accounting Office: See 4 C.F.R. address of the purchaser. If the Chapter I. deposit accountholder’s identity has NOTES APPLICABLE TO ENTIRE CHAPTER: not been verified previously, the ABBREVIATION: The following abbreviation is used in this financial institution shall verify the chapter: C.P.D. = Commissioner of the Public Debt. deposit accountholder’s identity by examination of a document which NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 is normally acceptable within the appear at 52 FR 11442, Apr. 8, 1987. banking community as a means of identification when cashing checks for nondepositors and which con- SUBPART B—Reports to be Made tains the name and address of the purchaser, and shall record the spe- 31 C.F.R. 103.29 cific identifying information (e.g., State of issuance and number of §103.29 Purchases of bank checks driver’s license). and drafts, cashier’s checks, money (2) If the purchaser does not have a deposit orders and traveler’s checks. account with the financial institution: (i) (A) The name and address of the (a) No financial institution may issue or sell a purchaser; bank check or draft, cashier’s check, money (B) The social security number of order or traveler’s check for $3,000 or more the purchaser, or if the pur- in currency unless it maintains records of chaser is an alien and does not the following information, which must be have a social security number, obtained for each issuance or sale of one or the alien identification number; more of these instruments to any individual (C) The date of birth of the pur- purchaser which involves currency in chaser; amounts of $3,000–$10,000 inclusive: (D) The date of purchase; (1) If the purchaser has a deposit account (E) The type(s) of instrument(s) with the financial institution: purchased; (i) (A) The name of the purchaser; (F) The serial number(s) of the (B) The date of purchase; instrument(s) purchased; and (C) The type(s) of instrument(s) (G) The amount in dollars of each purchased; of the instrument(s) purchased. (D) The serial number(s) of each of (ii) In addition, the financial institution the instrument(s) purchased; shall verify the purchaser’s name and and address by examination of a (E) The amount in dollars of each document which is normally accept- of the instrument(s) purchased. able within the banking community (ii) In addition, the financial institution as a means of identification when must verify that the individual is a cashing checks for nondepositors deposit accountholder or must verify and which contains the name and the individual’s identity. Verifica- address of the purchaser, and shall tion may be either through a signa- record the specific identifying infor-

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mation (e.g., State of issuance and NOTES: number of driver’s license). NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department (b) Contemporaneous purchases of the same or of the Treasury appear in Title 12, Chapter I; Title 19, Chap- different types of instruments totaling $3,000 ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- or more shall be treated as one purchase. ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS Multiple purchases during one business day REFERENCE: General Accounting Office: See 4 C.F.R. Chapter I. totaling $3,000 or more shall be treated as one purchase if an individual employee, NOTES APPLICABLE TO ENTIRE CHAPTER: director, officer, or partner of the financial ABBREVIATION: The following abbreviation is used in this institution has knowledge that these pur- chapter: C.P.D. = Commissioner of the Public Debt. chases have occurred. NOTES APPLICABLE TO ENTIRE PART: (c) Records required to be kept shall be retained EDITORIAL NOTE: Nomenclature changes for part 103 by the financial institution for a period of appear at 52 FR 11442, Apr. 8, 1987. five years and shall be made available to the Secretary upon request at any time. HISTORY: SUBPART C—Records Required [55 FR 20143, May 15, 1990; 59 FR 52252, Oct. 17, 1994] to be Maintained AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 31 C.F.R. 103.32 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. §103.32 Records to be made and NOTES: [EFFECTIVE DATE NOTE: 59 FR 52252, Oct. 17, 1994, retained by persons having financial which revised this section, became effective Oct. 17, 1994.] interests in foreign financial accounts. NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department Records of accounts required by §103.24 to of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- be reported to the Commissioner of Internal ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS Revenue shall be retained by each person hav- REFERENCE: General Accounting Office: See 4 C.F.R. ing a financial interest in or signature or other Chapter I. authority over any such account. Such records NOTES APPLICABLE TO ENTIRE CHAPTER: shall contain the name in which each such ABBREVIATION: The following abbreviation is used in this account is maintained, the number or other chapter: C.P.D. = Commissioner of the Public Debt. designation of such account, the name and NOTES APPLICABLE TO ENTIRE PART: address of the foreign bank or other person EDITORIAL NOTE: Nomenclature changes for part 103 with whom such account is maintained, the appear at 52 FR 11442, Apr. 8, 1987. type of such account, and the maximum value of each such account during the reporting period. Such records shall be retained for a SUBPART C—Records Required period of 5 years and shall be kept at all to be Maintained times available for inspection as authorized by law. In the computation of the period of 31 C.F.R. 103.31 5 years, there shall be disregarded any period beginning with a date on which the §103.31 Determination by the taxpayer is indicted or information instituted on Secretary. account of the filing of a false or fraudulent Federal income tax return or failing to file a The Secretary hereby determines that the records Federal income tax return, and ending with the required to be kept by this subpart have a high date on which final disposition is made of the degree of usefulness in criminal, tax, or regula- criminal proceeding. tory investigations or proceedings. HISTORY: HISTORY: [37 FR 6912, Apr. 5, 1972, as amended at 52 FR 11444, 37 FR 6912, Apr. 5, 1972. Apr. 8, 1987]

AUTHORITY: AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330.

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NOTES: (Approved by the Office of Management and Budget under NOTES APPLICABLE TO ENTIRE TITLE: control number 1505-0063) EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- (e) Banks. Each agent, agency, branch, or office ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS located within the United States of a bank REFERENCE: General Accounting Office: See 4 C.F.R. is subject to the requirements of this paragraph (e) with respect to a funds transfer in Chapter I.NOTES APPLICABLE TO ENTIRE CHAPTER: the amount of $3,000 or more: ABBREVIATION: The following abbreviation is used in this chapter: C.P.D. = Commissioner of the Public Debt. (1) Recordkeeping requirements. (i) For each payment order that it NOTES APPLICABLE TO ENTIRE PART: accepts as an originator’s bank, a EDITORIAL NOTE: Nomenclature changes for part 103 bank shall obtain and retain either appear at 52 FR 11442, Apr. 8, 1987. the original or a microfilm, other copy, or electronic record of the following information relating to SUBPART C—Records Required the payment order: to be Maintained (A) The name and address of the originator; 31 C.F.R. 103.33 (B) The amount of the payment §103.33 Records to be made and order; retained by financial institutions. (C) The execution date of the payment order; Each financial institution shall retain either the (D) Any payment instructions original or a microfilm or other copy or repro- received from the originator duction of each of the following: with the payment order; (a) A record of each extension of credit in an (E) The identity of the beneficia- amount in excess of $10,000, except an ry’s bank; and extension of credit secured by an interest in (F) As many of the following real property, which record shall contain the items as are received with the 2 name and address of the person to whom the payment order: extension of credit is made, the amount (1) The name and address of thereof, the nature or purpose thereof, and the beneficiary; the date thereof; (2) The account number of (b) A record of each advice, request, or instruc- the beneficiary; and tion received or given regarding any trans- (3) Any other specific identi- action resulting (or intended to result and fier of the beneficiary. later cancelled if such a record is normally (ii) For each payment order that it made) in the transfer of currency or other accepts as an intermediary bank, a monetary instruments, funds, checks, invest- bank shall retain either the original ment securities, or credit, of more than or a microfilm, other copy, or elec- $10,000 to or from any person, account, or tronic record of the payment order. place outside the United States. (iii) For each payment order that it (c) A record of each advice, request, or instruc- accepts as a beneficiary’s bank, a tion given to another financial institution bank shall retain either the original or other person located within or without or a microfilm, other copy, or elec- the United States, regarding a transaction tronic record of the payment order. intended to result in the transfer of funds, or (2) Originators other than established cus- of currency, other monetary instruments, tomers. In the case of a payment order checks, investment securities, or credit, of from an originator that is not an estab- more than $10,000 to a person, account or place outside the United States. 2. For funds transfers effected through the Federal Reserve’s (d) A record of such information for such period Fedwire funds transfer system, only one of the items is of time as the Secretary may require in an required to be retained, if received with the payment order, until such time as the bank that sends the order to the Federal order issued under §103.26(a), not to exceed Reserve Bank completes its conversion to the expanded five years. Fedwire message format.

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lished customer, in addition to obtaining taxpayer identification number (e.g., and retaining the information required social security or employer identi- in paragraph (e)(1)(i) of this section: fication number) or, if none, alien (i) If the payment order is made in identification number or passport person, prior to acceptance the number and country of issuance, if originator’s bank shall verify the known by the person placing the identity of the person placing the order, or a notation in the record of payment order. If it accepts the the lack thereof. payment order, the originator’s (3) Beneficiaries other than established cus- bank shall obtain and retain a tomers. For each payment order that it record of the name and address, the accepts as a beneficiary’s bank for a type of identification reviewed, the beneficiary that is not an established number of the identification docu- customer, in addition to obtaining and ment (e.g., driver’s license), as well retaining the information required in as a record of the person’s taxpayer paragraph (e)(1)(iii) of this section: identification number (e.g., social (i) if the proceeds are delivered in security or employer identification person to the beneficiary or its number) or, if none, alien identifi- representative or agent, the ben- cation number or passport number eficiary’s bank shall verify the iden- and country of issuance, or a nota- tity of the person receiving the pro- tion in the record of the lack ceeds and shall obtain and retain a thereof. If the originator’s bank has record of the name and address, the knowledge that the person placing type of identification reviewed, and the payment order is not the origi- the number of the identification nator, the originator’s bank shall document (e.g., driver’s license), as obtain and retain a record of the well as a record of the person’s originator’s taxpayer identification taxpayer identification number (e.g., number (e.g., social security or social security or employer identi- employer identification number) or, ficati on number) or, if none, alien if none, alien identification number identification number or passport or passport number and country of number and country of issuance, or issuance, if known by the person a notation in the record of the lack placing the order, or a notation in thereof. If the beneficiary’s bank the record of the lack thereof. has knowledge that the person re- (ii) If the payment order accepted by ceiving the proceeds is not the bene- the originator’s bank is not made in ficiary, the beneficiary’s bank shall person, the originator’s bank shall obtain and retain a record of the obtain and retain a record of name beneficiary’s name and address, as and address of the person placing well as the beneficiary’s taxpayer the payment order, as well as the identification number (e.g., social person’s taxpayer identification security or employer identification number (e.g., social security or number) or, if none, alien identifi- employer identification number) or, cation number or passport number if none, alien identification number and country of issuance, if known or passport number and country of by the person receiving the pro- issuance, or a notation in the record ceeds, or a notation in the record of of the lack thereof, and a copy or the lack thereof. record of the method of payment (ii) if the proceeds are delivered other (e.g., check or credit card transac- than in person, the beneficiary’s tion) for the funds transfer. If the bank shall retain a copy of the originator’s bank has knowledge check or other instrument used to that the person placing the pay- effect payment, or the information ment order is not the originator, the contained thereon, as well as the originator’s bank shall obtain and name and address of the person to retain a record of the originator’s which it was sent.

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(4) Retrievability. The information that an (B) A wholly-owned domestic sub- originator’s bank must retain under para- sidiary of a bank chartered in graphs (e)(1)(i) and (e)(2) of this section the United States; shall be retrievable by the originator’s (C) A broker or dealer in securi- bank by reference to the name of the ties; originator. If the originator is an estab- (D) A wholly-owned domestic sub- lished customer of the originator’s bank sidiary of a broker or dealer in and has an account used for funds trans- securities; fers, then the information also shall be (E) The United States; retrievable by account number. The (F) A state or local government; or information that a beneficiary’s bank (G) A federal, state or local gov- must retain under paragraphs (e)(1)(iii) ernment agency or instrumen- and (e)(3) of this section shall be retriev- tality; and able by the beneficiary’s bank by refer- (ii) Funds transfers where both the origi- ence to the name of the beneficiary. If nator and the beneficiary are the the beneficiary is an established cus- same person and the originator’s tomer of the beneficiary’s bank and has bank and the beneficiary’s bank are an account used for funds transfers, then the same bank. the information also shall be retrievable (f) Nonbank financial institutions. Each agent, by account number. This information agency, branch, or office located within the need not be retained in any particular United States of a financial institution other manner, so long as the bank is able to than a bank is subject to the requirements of retrieve the information required by this this paragraph (f) with respect to a transmit- paragraph, either by accessing funds tal of funds in the amount of $3,000 or transfer records directly or through ref- more: erence to some other record maintained (1) Recordkeeping requirements. by the bank. (i) For each transmittal order that it (5) Verification. Where verification is accepts as a transmittor’s financial required under paragraphs (e)(2) and institution, a financial institution (e)(3) of this section, a bank shall verify shall obtain and retain either the a person’s identity by examination of original or a microfilm, other copy, a document (other than a bank signa- or electronic record of the follow- ture card), preferably one that contains ing information relating to the the person’s name, address, and photo- transmittal order: graph, that is normally acceptable by (A) The name and address of the financial institutions as a means of transmittor; identification when cashing checks (B) The amount of the transmittal for persons other than established order; customers. Verification of the identity (C) The execution date of the trans- of an individual who indicates that he mittal order; or she is an alien or is not a resident (D) Any payment instructions of the United States may be made received from the transmittor by passport, alien identification card, with the transmittal order; or other official document evidencing (E) The identity of the recipient’s nationality or residence (e.g., a foreign financial institution; driver’s license with indication of home (F) As many of the following items address). as are received with the transmittal order:3 (6) Exceptions. The following funds transfers are not subject to the requirements of this section: 3. For transmittals of funds effected through the Federal Reserve’s Fedwire funds transfer system by a domestic broker (i) Funds transfers where the origina- or dealers in securities, only one of the items is required to be tor and beneficiary are any of the retained, if received with the transmittal order, until such time following: as the bank that sends the order to the Federal Reserve Bank completes its conversion to the expanded Fedwire message (A) A bank; format.

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(1) The name and address of social security or employer identi- the recipient; fication number) or, if none, alien (2) The account number of the identification number or passport recipient; and number and country of issuance, if (3) Any other specific identi- known by the person placing the fier of the recipient; and order, or a notation in the record the (G) Any form relating to the trans- lack thereof. mittal of funds that is com- (ii) If the transmittal order accepted by pleted or signed by the person the transmittor’s financial institu- placing the transmittal order. tion is not made in person, the (ii) For each transmittal order that it transmittor’s financial institution accepts as an intermediary finan- shall obtain and retain a record of cial institution, a financial institu- the name and address of the person tion shall retain either the original placing the transmittal order, as well or a microfilm, other copy, or elec- as the person’s taxpayer identifica- tronic record of the transmittal tion number (e.g., social security or order. employer identification number) or, (iii) for each transmittal order that it if none, alien identification number accepts as a recipient’s financial or passport number and country of institution, a financial institution issuance, or a notation in the record shall retain either the original or a of the lack thereof, and a copy or microfilm, other copy, or electronic record of the method of payment record of the transmittal order. (e.g., check or credit card transac- (2) Transmittors other than established cus- tion) for the transmittal of funds. If tomers. In the case of a transmittal order the transmittor’s financial institu- from a transmittor that is not an estab- tion has knowledge that the person lished customer, in addition to obtaining placing the transmittal order is not and retaining the information required the transmittor, the transmittor’s in paragraph (f)(1)(i) of this section: financial institution shall obtain and (i) If the transmittal order is made in retain a record of the transmittor’s person, prior to acceptance the trans- taxpayer identification number (e.g., mittor’s financial institution shall social security or employer identi- verify the identity of the person fication number) or, if none, alien placing the transmittal order. If it identification number or passport accepts the transmittal order, the number and country of issuance, if transmittor’s financial institution known by the person placing the shall obtain and retain a record of order, or a notation in the record the the name and address, the type of lack thereof. identification reviewed, and the (3) Recipients other than established cus- number of the identification docu- tomers. For each transmittal order that it ment (e.g., driver’s license), as well accepts as a recipient’s financial institu- as a record of the person’s taxpayer tion for a recipient that is not an estab- identification number (e.g., social lished customer, in addition to obtaining security or employer identification and retaining the information required number) or, if none, alien identifi- in paragraph (f)(1)(iii) of this section: cation number or passport number (i) If the proceeds are delivered in and country of issuance, or a nota- person to the recipient or its repre- tion in the record the lack thereof. If sentative or agent, the recipient’s the transmittor’s financial institu- financial institution shall verify the tion has knowledge that the person identity of the person receiving the placing the transmittal order is not proceeds and shall obtain and retain the transmittor, the transmittor’s a record of the name and address, financial institution shall obtain and the type of identification reviewed, retain a record of the transmittor’s and the number of the identification taxpayer identification number (e.g., document (e.g., driver’s license), as

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well as a record of the person’s information required by this paragraph, taxpayer identification number (e.g., either by accessing transmittal of funds social security or employer identi- records directly or through reference to fication number) or, if none, alien some other record maintained by the identification number or passport financial institution. number and country of issuance, or (5) Verification. Where verification is a notation in the record of the lack required under paragraphs (f)(2) and thereof. If the recipient’s financial (f)(3) of this section, a financial institu- institution has knowledge that the tion shall verify a person’s identity by person receiving the proceeds is not examination of a document (other than the recipient, the recipient’s finan- a customer signature card), preferably cial institution shall obtain and one that contains the person’s name, retain a record of the recipient’s address, and photograph, that is nor- name and address, as well as the mally acceptable by financial institu- recipient’s taxpayer identification tions as a means of identification when number (e.g., social security or cashing checks for persons other than employer identification number) or, established customers. Verification of if none, alien identification number the identity of an individual who indi- or passport number and country of cates that he or she is an alien or is not issuance, if known by the person a resident of the United States may be receiving the proceeds, or a nota- made by passport, alien identification tion in the record of the lack thereof. card, or other official document evidenc- (ii) If the proceeds are delivered other ing nationality or residence (e.g., a for- than in person, the recipient’s finan- eign driver’s license with indication of cial institution shall retain a copy of home address). the check or other instrument used (6) Exceptions. The following transmittals to effect payment, or the informa- of funds are not subject to the require- tion contained thereon, as well as ments of this section: the name and address of the person (i) Transmittals of funds where the to which it was sent. transmittor and the recipient are any (4) Retrievability. The information that a of the following: transmittor’s financial institution must (A) A bank; retain under paragraphs (f)(1)(i) and (B) A wholly-owned domestic sub- (f)(2) of this section shall be retrievable sidiary of a bank chartered in by the transmittor’s financial institution the United States; by reference to the name of the trans- (C) A broker or dealer in securi- mittor. If the transmittor is an estab- ties; lished customer of the transmittor’s (D) A wholly-owned domestic sub- financial institution and has an account sidiary of a broker or dealer in used for transmittals of funds, then the securities; information also shall be retrievable by (E) The United States; account number. The information that a (F) A state or local government; or recipient’s financial institution must (G) A federal, state or local gov- retain under paragraphs (f)(1)(iii) and ernment agency or instrumen- (f)(3) of this section shall be retrievable tality; and by the recipient’s financial institution by (ii) Transmittals of funds where both reference to the name of the recipient. If the transmittor and the recipient the recipient is an established customer are the same person and the trans- of the recipient’s financial institution mittor’s financial institution and and has an account used for transmittals the recipient’s financial institution of funds, then the information also shall are the same broker or dealer in be retrievable by account number. This securities. information need not be retained in any (g) Any transmittor’s financial institution or particular manner, so long as the finan- intermediary financial institution located cial institution is able to retrieve the within the United States shall include in any

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transmittal order for a transmittal of funds in through Fedwire until such time the amount of $3,000 or more, information as the bank that sends the order as required in this paragraph (g): to the Federal Reserve Bank (1) A transmittor’s financial institution shall completes its conversion to the include in a transmittal order, at the time expanded Fedwire format; it is sent to a receiving financial institu- (iii) The amount of the transmittal tion, the following information: order; (i) The name and, if the payment (iv) The execution date of the transmit- is ordered from an account, tal order; the account number of the (v) The identity of the recipient’s transmittor; financial institution; (ii) The address of the transmittor, (vi) As many of the following items as except for a transmittal order are received with the transmittal through Fedwire until such time order:5 as the bank that sends the order (A) The name and address of the to the Federal Reserve Bank recipient; completes its conversion to the (B) The account number of the expanded Fedwire format; recipient; (iii) The amount of the transmittal (C) Any other specific identifier order; of the recipient; and (iv) The execution date of the transmit- (vii) Either the name and address or tal order; numerical identifier of the trans- (v) The identity of the recipient’s mittor’s financial institution. financial institution; (3) Safe harbor for transmittals of funds (vi) As many of the following items as prior to conversion to the expanded are received with the transmittal Fedwire message format. The following order:4 provisions apply to transmittals of funds (A) The name and address of the effected through the Federal Reserve’s recipient; Fedwire funds transfer system or other- (B) The account number of the wise by a financial institution before the recipient; bank that sends the order to the Federal (C) Any other specific identifier Reserve Bank or otherwise, completes of the recipient; and its conversion to the expanded Fedwire (vii) Either the name and address or message format. numerical identifier of the trans- (i) Transmittor’s financial institution. mittor’s financial institution. A transmittor’s financial institution (2) A receiving financial institution that will be deemed to be in compliance acts as an intermediary financial institu- with the provisions of paragraph tion, if it accepts a transmittal order, (g)(1) of this section if it: shall include in a corresponding trans- (A) Includes in the transmittal mittal order at the time it is sent to the order, at the time it is sent to next receiving financial institution, the the receiving financial insti- following information, if received from tution, the information speci- the sender: fied in paragraphs (g)(1)(iii) (i) The name and the account num- through (v), and the informa- ber of the transmittor; tion specified in paragraph (ii) The address of the transmittor, (g)(1)(vi) of this section to the except for a transmittal order extent that such information

4. For transmittals of funds effected through the Federal 5. For transmittals of funds effected through the Federal Reserve’s Fedwire funds transfer system by a ﬁnancial insti- Reserve’s Fedwire funds transfer system by a ﬁnancial institution, only one of the items is required to be included in the tution, only one of the items is required to be included in the transmittal order, if received with the sender’s transmittal transmittal order, if received with the sender’s transmittal order, until such time as the bank that sends the order to the order, until such time as the bank that sends the order to the Federal Reserve Bank completes its conversion to the expanded Federal Reserve Bank completes its conversion to the expanded Fedwire message format. Fedwire message format.

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has been received by the finan- tution’s receipt of a lawful cial institution, and request for such information (B) Provides the information speci- from a federal, state, or local fied in paragraphs (g)(1)(i), law enforcement or regulatory (ii) and (vii) of this section to agency, or in connection with a financial institution that acted the requesting financial insti- as an intermediary financial tution’s own Bank Secrecy Act institution or recipient’s finan- compliance program. cial institution in connection (iii) Obligation of requesting finan- with the transmittal order, cial institution. Any informa- within a reasonable time after tion requested under paragraph any such financial institution (g)(3)(i)(B) or (g)(3)(ii)(B) of makes a request therefor in this section shall be treated by connection with the request- the requesting institution, once ing financial institution’s received, as if it had been included receipt of a lawful request for in the transmittal order to which such information from a such information relates. federal, state, or local law enforcement or financial reg- (4) Exceptions. The requirements of this ulatory agency, or in con- paragraph (g) shall not apply to trans- nection with the requesting mittals of funds that are listed in para- financial institution’s own graph (e)(6) or (f)(6) of this section. Bank Secrecy Act compliance HISTORY: program. [37 FR 6912, Apr. 5, 1972, as amended at 52 FR 11444, (ii) Intermediary financial institution. Apr. 8, 1987; 54 FR 33679, Aug. 16, 1989; 60 FR 229, 237, An intermediary financial institu- Jan. 3, 1995; 60 FR 44144, Aug. 24, 1995; 61 FR 14382, 14383, 14385, 14386, 14388, April 1, 1996, as corrected at tion will be deemed to be in com- 61 FR 18250, April 25, 1996] pliance with the provisions of paragraph (g)(2) of this section if it: AUTHORITY: (A) Includes in the transmittal AUTHORITY NOTE APPLICABLE TO ENTIRE PART: order, at the time it is sent to 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. the receiving financial insti- NOTES: tution, the information speci- [EFFECTIVE DATE NOTE: 60 FR 229, Jan. 3, 1995, which fied in paragraphs (g)(2)(iii) added paragraphs (e) and (f), became effective Jan. 1, 1996; through (g)(2)(vi) of this sec- 60 FR 237, Jan. 3, 1995, which added paragraph (g), became effective Jan. 1, 1996; 60 FR 44144, Aug. 24, 1995, delayed tion, to the extent that such the effective date of the amendment at 60 FR 229, Jan. 3, information has been received 1995, from Jan. 1, 1996 to April 1, 1996; 61 FR 14382, by the intermediary financial April 1, 1996, further delayed the effective date of the institution; and amendments at 60 FR 229 and 237, Jan. 3, 1995, from April 1, 1996 to May 28, 1996; 61 FR 14383, 14385, April 1, 1996, (B) Provides the information speci- which amended paragraphs (e) and (f), became effective May fied in paragraphs (g)(2)(i), 28, 1996; 61 FR 14386, 14388, April 1, 1996, which revised (ii) and (vii) of this section, to the introductory text of paragraphs (g) and (g)(1), and added the extent that such informa- paragraphs (g)(3) and (g)(4), became effective May 28, 1996.] NOTES APPLICABLE TO ENTIRE TITLE: tion has been received by the EDITORIAL NOTE: Other regulations issued by Department intermediary financial institu- of the Treasury appear in Title 12, Chapter I; Title 19, Chap- tion, to a financial institution ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- that acted as an intermediary ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Office: See 4 C.F.R. financial institution or recipi- Chapter I. ent’s financial institution in connection with the transmit- NOTES APPLICABLE TO ENTIRE CHAPTER: tal order, within a reasonable ABBREVIATION: The following abbreviation is used in this time after any such financial chapter: C.P.D. = Commissioner of the Public Debt. institution makes a request NOTES APPLICABLE TO ENTIRE PART: therefor in connection with EDITORIAL NOTE: Nomenclature changes for part 103 the requesting financial insti- appear at 52 FR 11442, Apr. 8, 1987.

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SUBPART C—Records Required extended where the person opening the to be Maintained account has applied for a taxpayer identification or social security number on 31 C.F.R. 103.34 Form SS-4 or SS-5, until such time as the person maintaining the account has §103.34 Additional records to be had a reasonable opportunity to secure made and retained by banks. such number and furnish it to the bank. (3) A taxpayer identification number (a) (1) With respect to each certificate of deposit required under paragraph (a)(1) of this sold or redeemed after May 31, 1978, or section need not be secured for accounts each deposit or share account opened or transactions with the following: with a bank after June 30, 1972, a bank (i) agencies and instrumentalities of Fed- shall, within 30 days from the date such eral, state, local or foreign governments; a transaction occurs or an account is (ii) judges, public officials, or clerks opened, secure and maintain a record of of courts of record as custodians of the taxpayer identification number of funds in controversy or under the con- the customer involved; or where the trol of the court; (iii) aliens who are account or certificate is in the names of (A) ambassadors, ministers, career two or more persons, the bank shall diplomatic or consular officers, or secure the taxpayer identification num- (B) naval, military or other attaches of ber of a person having a financial inter- foreign embassies and legations, and for est in the certificate or account. In the the members of their immediate fami- event that a bank has been unable to lies; (iv) aliens who are accredited secure, within the 30-day period speci- representatives of international organi- fied, the required identification, it shall zations which are entitled to enjoy privi- nevertheless not be deemed to be in leges, exemptions and immunities as an violation of this section if (i) it has made international organization under the a reasonable effort to secure such iden- International Organization Immunities tification, and (ii) it maintains a list Act of December 29, 1945 (22 U.S.C. containing the names, addresses, and 288), and the members of their imme- account numbers of those persons from diate families; (v) aliens temporarily whom it has been unable to secure such residing in the United States for a period identification, and makes the names, not to exceed 180 days; (vi) aliens not addresses, and account numbers of those engaged in a trade or business in the persons available to the Secretary as United States who are attending a rec- directed by him. A bank acting as an ognized college or university or any agent for another person in the purchase training program, supervised or con- or redemption of a certificate of deposit ducted by any agency of the Federal issued by another bank is responsible Government; (vii) unincorporated sub- for obtaining and recording the required ordinate units of a tax exempt central taxpayer identification, as well as for organization which are covered by a maintaining the records referred to in group exemption letter, (viii) a person paragraphs (b)(11) and (12) of this sec- under 18 years of age with respect to an tion. The issuing bank can satisfy the account opened as a part of a school recordkeeping requirement by recording thrift savings program, provided the the name and address of the agent annual interest is less than $10; (ix) a together with a description of the instru- person opening a Christmas club, vaca- ment and the date of the transaction. tion club and similar installment savings Where a person is a non-resident alien, programs provided the annual interest is the bank shall also record the person’s less than $10; and non-resident aliens passport number or a description of who are not engaged in a trade or some other government document used business in the United States. In instances to verify his identity. described in paragraphs (a)(3), (viii) (2) The 30-day period provided for in para- and (ix) of this section, the bank shall, graph (a)(1) of this section shall be within 15 days following the end of any

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calendar year in which the interest (5) Each item, including checks, drafts, accrued in that year is $10 or more use or transfers of credit, of more than its best effort to secure and maintain the $10,000 remitted or transferred to a appropriate taxpayer identification num- person, account or place outside the ber or application form therefor. United States; (4) The rules and regulations issued by the (6) A record of each remittance or transfer Internal Revenue Service under section of funds, or of currency, other mone- 6109 of the Internal Revenue Code of tary instruments, checks, investment 1954 shall determine what constitutes a securities, or credit, of more than taxpayer identification number and $10,000 to a person, account or place whose number shall be obtained in the outside the United States; case of an account maintained by one or (7) Each check or draft in an amount in more persons. excess of $10,000 drawn on or issued (b) Each bank shall, in addition, retain either the by a foreign bank which the domestic original or a microfilm or other copy or bank has paid or presented to a non- reproduction of each of the following: bank drawee for payment; (1) Each document granting signature (8) Each item, including checks, drafts authority over each deposit or share or transfers of credit, of more than account, including any notations, if $10,000 received directly and not such are normally made, of specific through a domestic financial institu- identifying information verifying the tion, by letter, cable or any other means, identity of the signer (such as a from a bank, broker or dealer in for- driver’s license number or credit card eign exchange outside the United number); States; (2) Each statement, ledger card or other (9) A record of each receipt of currency, record on each deposit or share account, other monetary instruments, invest- showing each transaction in, or with ment securities or checks, and of each respect to, that account; transfer of funds or credit, of more (3) Each check, clean draft, or money than $10,000 received on any one order drawn on the bank or issued and occasion directly and not through a payable by it, except those drawn for domestic financial institution, from a $100 or less or those drawn on accounts bank, broker or dealer in foreign which can be expected to have drawn exchange outside the United States; on them an average of at least 100 and checks per month over the calendar (10) Records prepared or received by a year or on each occasion on which bank in the ordinary course of busi- such checks are issued, and which ness, which would be needed to recon- are (i) dividend checks, (ii) payroll struct a transaction account and to checks, (iii) employee benefit checks, trace a check in excess of $100 depos- (iv) insurance claim checks, (v) medi- ited in such account through its domes- cal benefit checks, (vi) checks drawn tic processing system or to supply a on government agency accounts, description of a deposited check in (vii) checks drawn by brokers or deal- excess of $100. This subparagraph shall ers in securities, (viii) checks drawn on be applicable only with respect to fiduciary accounts, (ix) checks drawn demand deposits. on other financial institutions, or pen- (11) A record containing the name, address, sion or annuity checks; and taxpayer identification number, if (4) Each item in excess of $100 (other available, of the purchaser of each than bank charges or periodic charges certificate of deposit, as well as a made pursuant to agreement with the description of the instrument, a nota- customer), comprising a debit to a tion of the method of payment, and the customer’s deposit or share account, date of the transaction. not required to be kept, and not (12) A record containing the name, address specifically exempted, under para- and taxpayer identification number, if graph (b)(3) of this section; available, of any person presenting a

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certificate of deposit for payment, as individuals, such broker or dealer shall well as a description of the instrument secure and maintain a record of the and the date of the transaction. social security number of an individual (13) Each deposit slip or credit ticket having a financial interest in that account. reflecting a transaction in excess of In the event that a broker or dealer has $100 or the equivalent record for direct been unable to secure the identification deposit or other wire transfer deposit required within the 30-day period speci- transactions. The slip or ticket shall fied, it shall nevertheless not be deemed record the amount of any currency to be in violation of this section if: (i) It involved. has made a reasonable effort to secure such identification, and (ii) it maintains (Approved by the Office of Management and Budget under a list containing the names, addresses, control number 1505-0063) and account numbers of those persons HISTORY: from whom it has been unable to secure [38 FR 2175, Jan. 22, 1973, as amended at 38 FR 3509, such identification, and makes the names, Feb. 7, 1973; 43 FR 21672, May 19, 1978; 52 FR 11444, addresses, and account numbers of those Apr. 8, 1987] persons available to the Secretary as AUTHORITY: directed by him. Where a person is a AUTHORITY NOTE APPLICABLE TO ENTIRE PART: non-resident alien, the broker or dealer 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. in securities shall also record the per- NOTES: NOTES APPLICABLE TO ENTIRE TITLE: son’s passport number or a description EDITORIAL NOTE: Other regulations issued by Department of some other government document of the Treasury appear in Title 12, Chapter I; Title 19, Chap- used to verify his identity. ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- (2) The 30-day period provided for in para- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Office: See 4 C.F.R. graph (a)(1) of this section shall be Chapter I. extended where the person opening the account has applied for a taxpayer iden- NOTES APPLICABLE TO ENTIRE CHAPTER: tification or social security number on ABBREVIATION: The following abbreviation is used in this chapter: C.P.D. = Commissioner of the Public Debt. Form SS-4 or SS-5, until such time as the person maintaining the account has NOTES APPLICABLE TO ENTIRE PART: had a reasonable opportunity to secure EDITORIAL NOTE: Nomenclature changes for part 103 such number and furnish it to the broker appear at 52 FR 11442, Apr. 8, 1987. or dealer. (3) A taxpayer identification number for a deposit or share account required under SUBPART C—Records Required paragraph (a)(1) of this section need not to be Maintained be secured in the following instances: (i) Accounts for public funds opened 31 C.F.R. 103.35 by agencies and instrumentalities of Federal, state, local, or foreign govern- §103.35 Additional records to be ments, (ii) accounts for aliens who are made and retained by brokers or (a) ambassadors, ministers, career dealers in securities. diplomatic or consular officers, or (b) naval, military or other attaches of (a) (1) With respect to each brokerage account foreign embassies, and legations, and opened with a broker or dealer in secu- for the members of their immediate rities after June 30, 1972, by a person families, (iii) accounts for aliens who residing or doing business in the United are accredited representatives to inter- States or a citizen of the United States, national organizations which are such broker or dealer shall within entitled to enjoy privileges, exemptions, 30 days from the date such account is and immunities as an international opened, secure and maintain a record of organization under the International the taxpayer identification number of Organizations Immunities Act of Decem- the person maintaining the account; or ber 29, 1945 (22 U.S.C. 288), and for in the case of an account of one or more the members of their immediate fami-

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lies, (iv) aliens temporarily residing in NOTES APPLICABLE TO ENTIRE CHAPTER: the United States for a period not to ABBREVIATION: The following abbreviation is used in this chapter: C.P.D. = Commissioner of the Public Debt. exceed 180 days, (v) aliens not engaged in a trade or business in the United NOTES APPLICABLE TO ENTIRE PART: States who are attending a recognized EDITORIAL NOTE: Nomenclature changes for part 103 college or university or any training appear at 52 FR 11442, Apr. 8, 1987. program, supervised or conducted by any agency of the Federal Government, and (vi) unincorporated subordinate units of a tax exempt central organiza- SUBPART C—Records Required tion which are covered by a group to be Maintained exemption letter. 31 C.F.R. 103.36 (b) Every broker or dealer in securities shall, in addition, retain either the original or a §103.36 Additional records to be microfilm or other copy or reproduction of made and retained by casinos. each of the following: [PUBLISHER’S NOTE: Paragraph (b)(7) was amended at (1) Each document granting signature or 61 FR 7054, 7056, Feb. 23, 1996, effective Aug. 1, 1996. For trading authority over each customer’s the convenience of the user, paragraph (b)(7) has been set out twice below. The first version is effective until Aug. 1, 1996. account; The second version is effective Aug. 1, 1996.] (2) Each record described in §240.17a-3(a) (1), (2), (3), (5), (6), (7), (8), and (9) of (a) With respect to each deposit of funds, Title 17, Code of Federal Regulations; account opened or line of credit extended after the effective date of these regulations, (3) A record of each remittance or transfer a casino shall, at the time the funds are of funds, or of currency, checks, other deposited, the account is opened or credit is monetary instruments, investment secu- extended, secure and maintain a record of rities, or credit, of more than $10,000 to the name, permanent address, and social a person, account, or place, outside the security number of the person involved. United States; Where the deposit, account or credit is in the (4) A record of each receipt of currency, names of two or more persons, the casino other monetary instruments, checks, or shall secure the name, permanent address, investment securities and of each trans- and social security number of each person fer of funds or credit, of more than having a financial interest in the deposit, $10,000 received on any one occasion account or line of credit. The name and directly and not through a domestic address of such person shall be verified by financial institution, from any person, the casino at the time the deposit is made, account or place outside the United account opened, or credit extended. The States. verification shall be made by examination of a document of the type described in §103.28, (Approved by the Office of Management and Budget under and the specific identifying information shall control number 1505-0063) be recorded in the manner described in HISTORY: §103.28. In the event that a casino has been [37 FR 26518, Dec. 13, 1972, as amended at 38 FR 2176, unable to secure the required social security Jan. 22, 1973; 52 FR 11444, Apr. 8, 1987] number, it shall not be deemed to be in AUTHORITY: violation of this section if (1) it has made a AUTHORITY NOTE APPLICABLE TO ENTIRE PART: reasonable effort to secure such number and 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. (2) it maintains a list containing the names and permanent addresses of those persons NOTES: NOTES APPLICABLE TO ENTIRE TITLE: from who it has been unable to obtain social EDITORIAL NOTE: Other regulations issued by Department security numbers and makes the names and of the Treasury appear in Title 12, Chapter I; Title 19, Chap- addresses of those persons available to the ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- Secretary upon request. Where a person is a ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Office: See 4 C.F.R. nonresident alien, the casino shall also record Chapter I. the person’s passport number or a descrip-

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tion of some other government document the United States is on behalf of a third used to verify his identity. party, the record shall include the (b) In addition, each casino shall retain either third party’s name, permanent address, the original or a microﬁlm or other copy or social security number, signature, and reproduction of each of the following: the date and amount of the transaction. (1) A record of each receipt (including but If the transfer is received from outside not limited to funds for safekeeping or the United States on behalf of a third front money) of funds by the casino for party, the record shall include the third the account (credit or deposit) of any party’s name, permanent address, social person. The record shall include the security number, signature, and the name, permanent address and social date and amount of the transaction. If security number of the person from the person for whom the transaction is whom the funds were received, as well being made is a non-resident alien the as the date and amount of the funds record shall also include the person’s received. If the person from whom the name, his passport number or a descrip- funds were received is a nonresident tion of some other government docu- alien, the person’s passport number or ment used to verify his identity; a description of some other govern- (6) Records prepared or received by the ment document used to verify the per- casino in the ordinary course of busi- son’s identity shall be obtained and ness which would be needed to recon- recorded; struct a person’s deposit account or (2) A record of each bookkeeping entry credit account with the casino or to comprising a debit or credit to a cus- trace a check deposited with the casino tomer’s deposit account or credit through the casino’s records to the account with the casino; bank of deposit; (3) Each statement, ledger card or other (7) [Effective until Aug. 1, 1996.] All record of each deposit account or credit records, documents or manuals account with the casino, showing required to be maintained by a each transaction (including deposits, casino under state and local laws or receipts, withdrawals, disbursements regulations. or transfers) in or with respect to, a (7) [Effective Aug. 1, 1996.] All records, customer’s deposit account or credit documents or manuals required to be account with the casino; maintained by a casino under state and (4) A record of each extension of credit in local laws or regulations, regulations excess of $2500, the terms and condi- of any governing Indian tribe or tribal tions of such extension of credit, and government, or terms of (or any regu- repayments. The record shall include lations issued under) any Tribal-State the customer’s name, permanent compacts entered into pursuant to the address, social security number, and Indian Gaming Regulatory Act, with the date and amount of the transaction respect to the casino in question. (including repayments). If the customer or person for whom the credit (8) All records which are prepared or used extended is a non-resident alien, his by a casino to monitor a customer’s passport number or description of some gaming activity. other government document used to (9) (i) A separate record containing a list verify his identity shall be obtained of each transaction between the and recorded; casino and its customers involving (5) A record of each advice, request or the following types of instruments instruction received or given by the having a face value of $ 3,000 or casino for itself or another person with more: respect to a transaction involving a (A) Personal checks (excluding person, account or place outside the instruments which evidence United States (including but not lim- credit granted by a casino ited to communications by wire, letter, strictly for gaming, such as or telephone). If the transfer outside markers);

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(B) Business checks (including SUBPART C—Records Required casino checks); to be Maintained (C) Official bank checks; 31 C.F.R. 103.37 (D) Cashier’s checks; §103.37 Additional records to be (E) Third-party checks; made and retained by currency (F) Traveler’s checks; and dealers or exchangers. (G) Money orders. (a) (1) After July 7, 1987, each currency dealer (ii) The list will contain the time, date, or exchanger shall secure and maintain and amount of the transaction; the a record of the taxpayer identification name and permanent address of number of each person for whom a the customer; the type of instru- transaction account is opened or a line ment; the name of the drawee or of credit is extended within 30 days issuer of the instrument; all refer- after such account is opened or credit ence numbers (e.g., casino account line extended. Where a person is a number, personal check number, non-resident alien, the currency dealer etc.); and the name or casino or exchanger shall also record the per- license number of the casino son’s passport number or a description employee who conducted the trans- of some other government document action. Applicable transactions used to verify his identity. Where the will be placed on the list in the account or credit line is in the names of chronological order in which they two or more persons, the currency dealer occur. or exchanger shall secure the taxpayer identification number of a person hav- (12) A copy of the compliance program ing a financial interest in the account or described in §103.54(a). credit line. In the event that a currency dealer or exchanger has been unable to HISTORY: secure the identification required within [50 FR 5068, Feb. 6, 1985, as amended at 52 FR 11444, Apr. 8, 1987; 54 FR 1167, Jan. 12, 1989; 58 FR 13547, the 30-day period specified, it shall Mar. 12, 1994; 59 FR 61662, Dec. 1, 1994; 61 FR 7054, 7056, nevertheless not be deemed to be in Feb. 23, 1996] violation of this section if: AUTHORITY: (i) It has made a reasonable effort to AUTHORITY NOTE APPLICABLE TO ENTIRE PART: secure such identification, and 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. (ii) It maintains a list containing the names, addresses, and account or NOTES: [EFFECTIVE DATE NOTE: 61 FR 7054, 7056, Feb. 23, credit line numbers of those persons 1996, which added ’, regulations of any governing Indian tribe from whom it has been unable to or tribal government, or terms of (or any regulations issued secure such identification, and makes under) any Tribal-State compacts entered into pursuant to the the names, addresses, and account Indian Gaming Regulatory Act, with respect to the casino in question.’’ after ‘‘state and local laws or regulations,’’ is or credit line numbers of those per- effective Aug. 1, 1996.] sons available to the Secretary as NOTES APPLICABLE TO ENTIRE TITLE: directed by him. EDITORIAL NOTE: Other regulations issued by Department (2) The 30-day period provided for in para- of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- graph (a)(1) of this section shall be ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS extended where the person opening the REFERENCE: General Accounting Office: See 4 C.F.R. account or credit line has applied for a Chapter I. taxpayer identification or social security NOTES APPLICABLE TO ENTIRE CHAPTER: number on Form SS-4 or SS-5, until ABBREVIATION: The following abbreviation is used in this such time as the person maintaining the chapter: C.P.D. = Commissioner of the Public Debt. account or credit line has had a reasonable opportunity to secure such number NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 and furnish it to the currency dealer or appear at 52 FR 11442, Apr. 8, 1987. exchanger.

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(3) A taxpayer identification number for an (3) A record of each exchange of currency account or credit line required under involving transactions in excess of paragraph (a)(1) of this section need not $1000, including the name and address be secured in the following instances: of the customer (and passport number or (i) Accounts for public funds opened taxpayer identification number unless by agencies and instrumentalities received by mail or common carrier) of Federal, state, local or foreign date and amount of the transaction and governments, currency name, country, and total amount (ii) Accounts for aliens who are— of each foreign currency; (A) Ambassadors, ministers, career (4) Signature cards or other documents diplomatic or consular offi- evidencing signature authority over cers, or each deposit or security account, con- (B) Naval, military or other taining the name of the depositor, street attaches of foreign embassies, address, taxpayer identification number and legations, and for (TIN) or employer identification num- members of their immediate ber (EIN) and the signature of the families, depositor or of a person authorized to (iii) Accounts for aliens who are accred- sign on the account (if customer accounts ited representatives to international are maintained in a code name, a record organizations which are entitled to of the actual owner of the account); enjoy privileges, exemptions, and immunities as an international (5) Each item, including checks, drafts, or organization under the Interna- transfers of credit, of more than $10,000 tional Organizations Immunities remitted or transferred to a person, Act of December 29, 1945 (22 account or place outside the United U.S.C. 288), and for the members States; of their immediate families, (6) A record of each receipt of currency, (iv) Aliens temporarily residing in the other monetary instruments, investment United States for a period not to securities and checks, and of each trans- exceed 180 days, fer of funds or credit, or more than (v) Aliens not engaged in a trade or $10,000 received on any one occasion business in the United States who directly and not through a domestic are attending a recognized college financial institution, from any person, or any training program, super- account or place outside the United vised or conducted by any agency States; of the Federal Government, and (7) Records prepared or received by a dealer (vi) Unincorporated subordinate units in the ordinary course of business, that of a tax exempt central organiza- would be needed to reconstruct an tion which are covered by a group account and trace a check in excess of exemption letter. $100 deposited in such account through (b) Each currency dealer or exchanger shall its internal recordkeeping system to retain either the original or a microfilm or its depositary institution, or to supply a other copy or reproduction of each of the description of a deposited check in following: excess of $100; (1) Statements of accounts from banks, including paid checks, charges or other (8) A record maintaining the name, address debit entry memoranda, deposit slips and taxpayer identification number, if and other credit memoranda repre- available, of any person presenting a senting the entries reflected on such certificate of deposit for payment, as statements; well as a description of the instrument (2) Daily work records, including purchase and date of transaction; and sales slips or other memoranda (9) A system of books and records that will needed to identify and reconstruct cur- enable the currency dealer or exchanger rency transactions with customers and to prepare an accurate balance sheet and foreign banks; income statement.

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(Approved by the Office of Management and Budget under identification number and whose number control number 1505-0063) shall be obtained in the case of an account HISTORY: maintained by one or more persons. [52 FR 11444, Apr. 8, 1987] (d) All records that are required to be retained by this part shall be retained for a period of AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: five years. Records or reports required to be 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. kept pursuant to an order issued under §103.26 of this part shall be retained for the NOTES: period of time specified in such order, not to NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department exceed five years. All such records shall of the Treasury appear in Title 12, Chapter I; Title 19, Chap- be filed or stored in such a way as to be ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- accessible within a reasonable period of ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS time, taking into consideration the nature of REFERENCE: General Accounting Office: See 4 C.F.R. Chapter I. the record, and the amount of time expired since the record was made. NOTES APPLICABLE TO ENTIRE CHAPTER: ABBREVIATION: The following abbreviation is used in this (Approved by the Office of Management and Budget under chapter: C.P.D. = Commissioner of the Public Debt. control number 1505-0063)

NOTES APPLICABLE TO ENTIRE PART: HISTORY: EDITORIAL NOTE: Nomenclature changes for part 103 [37 FR 6912, Apr. 5, 1972. Redesignated at 50 FR 5068, appear at 52 FR 11442, Apr. 8, 1987. Feb. 6, 1985, and further redesignated and amended at 52 FR 11444, 11445, Apr. 8, 1987; 54 FR 33679, Aug. 16, 1989]

AUTHORITY: SUBPART C—Records Required AUTHORITY NOTE APPLICABLE TO ENTIRE PART: to be Maintained 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. NOTES: 31 C.F.R. 103.38 NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department §103.38 Nature of records and of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- retention period. ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Office: See 4 C.F.R. (a) Wherever it is required that there be retained Chapter I. either the original or a microfilm or other NOTES APPLICABLE TO ENTIRE CHAPTER: copy or reproduction of a check, draft, ABBREVIATION: The following abbreviation is used in this monetary instrument, investment security, chapter: C.P.D. = Commissioner of the Public Debt. or other similar instrument, there shall be retained a copy of both front and back of NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 each such instrument or document, except appear at 52 FR 11442, Apr. 8, 1987. that no copy need be retained of the back of any instrument or document which is entirely blank or which contains only stan- dardized printed information, a copy of SUBPART C—Records Required which is on file. to be Maintained (b) Records required by this subpart to be retained by financial institutions may be 31 C.F.R. 103.39 those made in the ordinary course of business by a financial institution. If no record is §103.39 Person outside the made in the ordinary course of business of United States. any transaction with respect to which records are required to be retained by this subpart, For the purposes of this subpart, a remittance or then such a record shall be prepared in transfer of funds, or of currency, other monetary writing by the financial institution. instruments, checks, investment securities, or (c) The rules and regulations issued by the credit to the domestic account of a person whose Internal Revenue Service under 26 U.S.C. address is known by the person making the 6109 determine what constitutes a taxpayer remittance or transfer, to be outside the United

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States, shall be deemed to be a remittance or NOTES APPLICABLE TO ENTIRE CHAPTER: transfer to a person outside the United States, ABBREVIATION: The following abbreviation is used in this chapter: C.P.D. = Commissioner of the Public Debt. except that, unless otherwise directed by the Secretary, this section shall not apply to a NOTES APPLICABLE TO ENTIRE PART: transaction on the books of a domestic financial EDITORIAL NOTE: Nomenclature changes for part 103 institution involving the account of a customer appear at 52 FR 11442, Apr. 8, 1987. of such institution whose address is within approximately 50 miles of the location of the institution, or who is known to be temporarily SUBPART D—General Provisions outside the United States. 31 C.F.R. 103.42 HISTORY: [37 FR 6912, Apr. 5, 1972. Redesignated at 50 FR 5068, §103.42 Photographic or other Feb. 6, 1985 and 52 FR 11444, Apr. 8, 1987] reproductions of Government AUTHORITY: obligations. AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. Nothing herein contained shall require or autho- NOTES: rize the microfilming or other reproduction of NOTES APPLICABLE TO ENTIRE TITLE: (a) Currency or other obligation or security of EDITORIAL NOTE: Other regulations issued by Department the United States as defined in 18 U.S.C. 8, of the Treasury appear in Title 12, Chapter I; Title 19, Chap- or ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS (b) Any obligation or other security of any REFERENCE: General Accounting Office: See 4 C.F.R. foreign government, the reproduction of Chapter I. which is prohibited by law.

NOTES APPLICABLE TO ENTIRE CHAPTER: HISTORY: ABBREVIATION: The following abbreviation is used in this 37 FR 6912, Apr. 5, 1972. chapter: C.P.D. = Commissioner of the Public Debt. AUTHORITY: NOTES APPLICABLE TO ENTIRE PART: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. appear at 52 FR 11442, Apr. 8, 1987. NOTES: NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department SUBPART D—General Provisions of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- 31 C.F.R. 103.41 ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. §103.41 Dollars as including foreign Chapter I. currency. NOTES APPLICABLE TO ENTIRE CHAPTER: ABBREVIATION: The following abbreviation is used in this Wherever in this part an amount is stated in chapter: C.P.D. = Commissioner of the Public Debt. dollars, it shall be deemed to mean also the NOTES APPLICABLE TO ENTIRE PART: equivalent amount in any foreign currency. EDITORIAL NOTE: Nomenclature changes for part 103 appear at 52 FR 11442, Apr. 8, 1987. HISTORY: 37 FR 6912, Apr. 5, 1972.

AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: SUBPART D—General Provisions 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. 31 C.F.R. 103.43 NOTES: NOTES APPLICABLE TO ENTIRE TITLE: §103.43 Availability of information. EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- (a) The Secretary may within his discretion ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- disclose information reported under this part ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. for any reason consistent with the purposes Chapter I. of the Bank Secrecy Act, including those set

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forth in paragraphs (b) through (d) of this (Approved by the Office of Management and Budget under section. control number 1505-0104) (b) The Secretary may make any informa- HISTORY: tion set forth in any report received pur- [50 FR 42693, Oct. 22, 1985, as amended at 50 FR 46283, suant to this part available to another Nov. 7, 1985; 52 FR 35545, Sept. 22, 1987] agency of the United States, to an agency AUTHORITY: of a state or local government or to an AUTHORITY NOTE APPLICABLE TO ENTIRE PART: agency of a foreign government, upon the 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. request of the head of such department or NOTES: agency made in writing and stating the NOTES APPLICABLE TO ENTIRE TITLE: particular information desired, the criminal, EDITORIAL NOTE: Other regulations issued by Department tax or regulatory purpose for which the of the Treasury appear in Title 12, Chapter I; Title 19, Chap- information is sought, and the official need ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS for the information. REFERENCE: General Accounting Office: See 4 C.F.R. (c) The Secretary may make any information Chapter I. set forth in any report received pursuant to NOTES APPLICABLE TO ENTIRE CHAPTER: this part available to the Congress, or any ABBREVIATION: The following abbreviation is used in this committee or subcommittee thereof, upon a chapter: C.P.D. = Commissioner of the Public Debt. written request stating the particular information desired, the criminal, tax or regu- NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 latory purpose for which the information appear at 52 FR 11442, Apr. 8, 1987. is sought, and the official need for the information. (d) The Secretary may make any information set forth in any report received pursuant to this part available to any other department or agency of the United States that SUBPART D—General Provisions is a member of the Intelligence Community, as defined by Executive Order 12333 or 31 C.F.R. 103.44 any succeeding executive order, upon the §103.44 Disclosure. request of the head of such department or agency made in writing and stating All reports required under this part and all the particular information desired, the records of such reports are specifically exempted national security matter with which the from disclosure under section 552 of Title 5, information is sought and the official need United States Code. therefor. (e) Any information made available under this HISTORY: 37 FR 6912, Apr. 5, 1972. section to other department or agencies of the United States, any state or local govern- AUTHORITY: ment, or any foreign government shall be AUTHORITY NOTE APPLICABLE TO ENTIRE PART: received by them in confidence, and shall 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. not be disclosed to any person except for NOTES: official purposes relating to the investiga- NOTES APPLICABLE TO ENTIRE TITLE: tion, proceeding or matter in connection EDITORIAL NOTE: Other regulations issued by Department with which the information is sought. of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- (f) The Secretary may require that a state or ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS local government department or agency REFERENCE: General Accounting Office: See 4 C.F.R. requesting information under paragraph (b) Chapter I. of this section pay fees to reimburse the NOTES APPLICABLE TO ENTIRE CHAPTER: Department of the Treasury for costs inci- ABBREVIATION: The following abbreviation is used in this dental to such disclosure. The amount of chapter: C.P.D. = Commissioner of the Public Debt. such fees will be set in accordance with the NOTES APPLICABLE TO ENTIRE PART: statute on fees for government services, EDITORIAL NOTE: Nomenclature changes for part 103 31 U.S.C. 9701. appear at 52 FR 11442, Apr. 8, 1987.

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SUBPART D—General Provisions (v) That all but minor violations of the state requirements be reported to 31 C.F.R. 103.45 Treasury within 15 days of discov- §103.45 Exceptions, exemptions, and ery; and reports. (vi) That the state will initiate compliance examinations of specific institutions at the request of Treasury (a) The Secretary, in his sole discretion, may by within a reasonable time, not to written order or authorization make excep- exceed 90 days where appropriate, tions to or grant exemptions from the and will provide reports of these requirements of this part. Such exceptions examinations to Treasury within or exemptions may be conditional or uncon- 15 days of completion or periodi- ditional, may apply to particular persons or cally during the course of the to classes of persons, and may apply to examination upon the request of particular transactions or classes of trans- the Secretary. If for any reason the actions. They shall, however, be applicable state were not able to conduct an only as expressly stated in the order of investigation within a reasonable authorization, and they shall be revocable in time, the state will permit Treasury the sole discretion of the Secretary. to conduct the investigation. (b) The Secretary shall have authority to further (3) Revocation of any exemption under this define all terms used herein. subsection shall be in the sole discretion (c) (1) The Secretary may, as an alternative to of the Secretary. the reporting and recordkeeping requirements for casinos in §§103.22(a)(2) and HISTORY: 103.25(a)(2), and 103.36, grant exemp- [38 FR 2176, Jan. 22, 1973, as amended at 50 FR 5069, tions to the casinos in any state whose Feb. 6, 1985; 50 FR 36875, Sept. 10, 1985] regulatory system substantially meets AUTHORITY: the reporting and recordkeeping require- AUTHORITY NOTE APPLICABLE TO ENTIRE PART: ments of this part. 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. (2) In order for a state regulatory system to NOTES: qualify for an exemption on behalf of its NOTES APPLICABLE TO ENTIRE TITLE: casinos, the state must provide: EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- (i) That the Treasury Department be ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- allowed to evaluate the effective- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS ness of the state’s regulatory sys- REFERENCE: General Accounting Office: See 4 C.F.R. tem by periodic oversight review Chapter I. of that system; NOTES APPLICABLE TO ENTIRE CHAPTER: (ii) That the reports required under the ABBREVIATION: The following abbreviation is used in this state’s regulatory system be subchapter: C.P.D. = Commissioner of the Public Debt. mitted to the Treasury Department NOTES APPLICABLE TO ENTIRE PART: within 15 days of receipt by the EDITORIAL NOTE: Nomenclature changes for part 103 state; appear at 52 FR 11442, Apr. 8, 1987. (iii) That any records required to be maintained by the casinos relevant to any matter under this part and to which the state has access or main- SUBPART D—General Provisions tains under its regulatory system be made available to the Treasury 31 C.F.R. 103.46 Department within 30 days of §103.46 Enforcement. request; (iv) That the Treasury Department be (a) Overall authority for enforcement and com- provided with periodic status pliance, including coordination and direc- reports on the state’s compliance tion of procedures and activities of all efforts and findings; other agencies exercising delegated author-

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ity under this part, is delegated to the ted at such intervals as the Assistant Secre- Assistant Secretary (Enforcement). tary may direct. Evidence of specific viola- (b) Authority to examine institutions to deter- tions of any of the requirements of this part mine compliance with the requirements of may be submitted to the Assistant Secretary this part is delegated as follows: at any time. (1) To the Comptroller of the Currency with (f) The Assistant Secretary or his delegate, and respect to those financial institutions any agency to which compliance has been regularly examined for safety and sound- delegated under paragraph (b) of this sec- ness by national bank examiners; tion, may examine any books, papers, (2) To the Board of Governors of the Fed- records, or other data of domestic financial eral Reserve System with respect to institutions relevant to the recordkeeping or those financial institutions regularly reporting requirements of this part. examined for safety and soundness by Federal Reserve bank examiners; HISTORY: [37 FR 6912, Apr. 5, 1972, as amended at 50 FR 42693, (3) To the Federal Deposit Insurance Cor- Oct. 22, 1985; 52 FR 11445, Apr. 8, 1987] poration with respect to those financial institutions regularly examined for AUTHORITY: safety and soundness by FDIC bank AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. examiners; (4) To the Federal Home Loan Bank Board NOTES: with respect to those financial institu- NOTES APPLICABLE TO ENTIRE TITLE: tions regularly examined for safety and EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- soundness by FHLBB bank examiners; ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- (5) To the Chairman of the Board of the ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS National Credit Union Administration REFERENCE: General Accounting Office: See 4 C.F.R. with respect to those financial institu- Chapter I. tions regularly examined for safety and NOTES APPLICABLE TO ENTIRE CHAPTER: soundness by NCUA examiners. ABBREVIATION: The following abbreviation is used in this (6) To the Securities and Exchange Com- chapter: C.P.D. = Commissioner of the Public Debt. mission with respect to brokers or deal- NOTES APPLICABLE TO ENTIRE PART: ers in securities; EDITORIAL NOTE: Nomenclature changes for part 103 (7) To the Commissioner of Customs with appear at 52 FR 11442, Apr. 8, 1987. respect to §§103.23 and 103.48; (8) To the Commissioner of Internal Reve- nue with respect to all financial institutions, except brokers or dealers in secu- SUBPART D—General Provisions rities, not currently examined by Federal 31 C.F.R. 103.47 bank supervisory agencies for soundness and safety. §103.47 Civil penalty. (c) Authority for investigating criminal violations of this part is delegated as follows: (a) For any willful violation, committed on or (1) To the Commissioner of Customs with before October 12, 1984, of any reporting respect to §103.23; requirement for financial institutions under (2) To the Commissioner of Internal Reve- this part or of any recordkeeping require- nue except with respect to §103.23. ments of §103.22, the Secretary may assess (d) Authority for the imposition of civil penal- upon any domestic financial institution, and ties for violations of this part lies with the upon any partner, director, officer, or Assistant Secretary, and in the Assistant employee thereof who willfully participates Secretary’s absence, the Deputy Assistant in the violation, a civil penalty not to exceed Secretary (Law Enforcement). $1,000. (e) Periodic reports shall be made to the Assis- (b) For any willful violation committed after tant Secretary by each agency to which October 12, 1984 and before October 28, compliance authority has been delegated 1986, of any reporting requirement for finan- under paragraph (b) of this section. These cial institutions under this part or of the reports shall be in such a form and submit- recordkeeping requirements of §103.32, the

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Secretary may assess upon any domestic ing information required to be provided financial institution, and upon any partner, with respect to such account, a civil director, officer, or employee thereof who penalty not to exceed the greater of the willfully participates in the violation, a civil amount (not to exceed $100,000) equal penalty not to exceed $10,000. to the balance in the account at the time (c) For any willful violation of any recordkeep- of the violation, or $25,000. ing requirement for financial institutions, (h) For each negligent violation of any require- except violations of §103.32, under this ment of this part, committed after Octo- part, the Secretary may assess upon any ber 27, 1986, the Secretary may assess upon domestic financial institution, and upon any any financial institution a civil penalty not to partner, director, officer, or employee thereof exceed $500. who willfully participates in the violation, a HISTORY: civil penalty not to exceed $1,000. [37 FR 6912, Apr. 5, 1972, as amended at 52 FR 11445, (d) For any failure to file a report required under Apr. 8, 1987; 52 FR 12641, Apr. 17, 1987] §103.23 or for filing such a report containing any material omission or misstatement, AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: the Secretary may assess a civil penalty up 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. to the amount of the currency or monetary instruments transported, mailed or shipped, NOTES: NOTES APPLICABLE TO ENTIRE TITLE: less any amount forfeited under §103.48. EDITORIAL NOTE: Other regulations issued by Department (e) For any willful violation of §103.53 com- of the Treasury appear in Title 12, Chapter I; Title 19, Chap- mitted after January 26, 1987, the Secretary ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- may assess upon any person a civil penalty ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Office: See 4 C.F.R. not to exceed the amount of coins and Chapter I. currency involved in the transaction with respect to which such penalty is imposed. NOTES APPLICABLE TO ENTIRE CHAPTER: The amount of any civil penalty assessed ABBREVIATION: The following abbreviation is used in this chapter: C.P.D. = Commissioner of the Public Debt. under this paragraph shall be reduced by the amount of any forfeiture to the United States NOTES APPLICABLE TO ENTIRE PART: in connection with the transaction for which EDITORIAL NOTE: Nomenclature changes for part 103 the penalty was imposed. appear at 52 FR 11442, Apr. 8, 1987. (f) For any willful violation committed after October 27, 1986, of any reporting requirement for financial institutions under this part SUBPART D—General Provisions (except §103.24, §103.25 or §103.32), the Secretary may assess upon any domestic 31 C.F.R. 103.48 financial institution, and upon any partner, §103.48 Forfeiture of currency or director, officer, or employee thereof who monetary instruments. willfully participates in the violation, a civil penalty not to exceed the greater of the Any currency or other monetary instruments amount (not to exceed $100,000) involved which are in the process of any transportation in the transaction or $25,000. with respect to which a report is required under (g) For any willful violation committed after §103.23 are subject to seizure and forfeiture to October 27, 1986, of any requirement of the United States if such report has not been §103.24, §103.25, or §103.32, the Secre- filed as required in §103.25, or contains material tary may assess upon any person, a civil omissions or misstatements. The Secretary may, penalty: in his sole discretion, remit or mitigate any such (1) In the case of a violation of §103.25 forfeiture in whole or in part upon such terms involving a transaction, a civil penalty and conditions as he deems reasonable. not to exceed the greater of the amount (not to exceed $100,000) of the transac- HISTORY: tion, or $25,000; and 37 FR 6912, Apr. 5, 1972. (2) In the case of a violation of §103.24 or AUTHORITY: §103.32 involving a failure to report the AUTHORITY NOTE APPLICABLE TO ENTIRE PART: existence of an account or any identify- 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330.

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NOTES: may, upon conviction thereof, be ﬁned not NOTES APPLICABLE TO ENTIRE TITLE: more than $10,000 or be imprisoned not EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- more than 5 years, or both. ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS HISTORY: REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. [37 FR 6912, Apr. 5, 1972, as amended at 50 FR 18479, Chapter I. May 1, 1985; 53 FR 4138, Feb. 12, 1988]

NOTES APPLICABLE TO ENTIRE CHAPTER: AUTHORITY: ABBREVIATION: The following abbreviation is used in this AUTHORITY NOTE APPLICABLE TO ENTIRE PART: chapter: C.P.D. = Commissioner of the Public Debt. 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330.

NOTES APPLICABLE TO ENTIRE PART: NOTES: EDITORIAL NOTE: Nomenclature changes for part 103 NOTES APPLICABLE TO ENTIRE TITLE: appear at 52 FR 11442, Apr. 8, 1987. EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. SUBPART D—General Provisions Chapter I.

31 C.F.R. 103.49 NOTES APPLICABLE TO ENTIRE CHAPTER: ABBREVIATION: The following abbreviation is used in this §103.49 Criminal penalty. chapter: C.P.D. = Commissioner of the Public Debt.

(a) Any person who willfully violates any pro- NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 vision of Title I of Pub. L. 91-508, or of this appear at 52 FR 11442, Apr. 8, 1987. part authorized thereby may, upon conviction thereof, be fined not more than $1,000 or be imprisoned not more than 1 year, or both. Such person may in addition, if the SUBPART D—General Provisions violation is of any provision authorized by 31 C.F.R. 103.50 Title I of Pub. L. 91-508 and if the violation is committed in furtherance of the commis- §103.50 Enforcement authority with sion of any violation of Federal law punish- respect to transportation of currency able by imprisonment for more than 1 year, or monetary instruments. be fined not more than $10,000 or be imprisoned not more than 5 years, or both. (a) If a customs officer has reasonable cause to (b) Any person who willfully violates any pro- believe that there is a monetary instrument vision of Title II of Pub. L. 91-508, or of this being transported without the filing of the part authorized thereby, may, upon convic- report required by §§103.23 and 103.25 of tion thereof, be fined not more than $250,000 this chapter, he may stop and search, with- or be imprisoned not more than 5 years, or out a search warrant, a vehicle, vessel, both. aircraft, or other conveyance, envelope or (c) Any person who willfully violates any pro- other container, or person entering or depart- vision of Title II of Pub. L. 91-508, or of this ing from the United States with respect to part authorized thereby, where the violation which or whom the officer reasonably is either believes is transporting such instrument. (1) Committed while violating another law (b) If the Secretary has reason to believe that of the United States, or currency or monetary instruments are in the (2) Committed as part of a pattern of any process of transportation and with respect to illegal activity involving more than which a report required under §103.23 has $100,000 in any 12-month period, may, not been filed or contains material omissions upon conviction thereof, be fined not or misstatements, he may apply to any court more than $500,000 or be imprisoned of competent jurisdiction for a search war- not more than 10 years, or both. rant. Upon a showing of probable cause, the (d) Any person who knowingly makes any false, court may issue a warrant authorizing the fictitious or fraudulent statement or repre- search of any or all of the following: sentation in any report required by this part (1) One or more designated persons.

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(2) One or more designated or described NOTES: places or premises. NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department (3) One or more designated or described of the Treasury appear in Title 12, Chapter I; Title 19, Chap- letters, parcels, packages, or other physi- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- cal objects. ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS (4) One or more designated or described REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. Chapter I. vehicles. Any application for a search warrant pursuant to this section shall be NOTES APPLICABLE TO ENTIRE CHAPTER: accompanied by allegations of fact sup- ABBREVIATION: The following abbreviation is used in this porting the application. chapter: C.P.D. = Commissioner of the Public Debt. (c) This section is not in derogation of the NOTES APPLICABLE TO ENTIRE PART: authority of the Secretary under any other EDITORIAL NOTE: Nomenclature changes for part 103 law or regulation. appear at 52 FR 11442, Apr. 8, 1987.

HISTORY: [37 FR 6912, Apr. 5, 1972, as amended at 50 FR 18479, May 1, 1985] SUBPART D—General Provisions AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 31 C.F.R. 103.52 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. §103.52 Rewards for informants. NOTES: NOTES APPLICABLE TO ENTIRE TITLE: (a) If an individual provides original informa- EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- tion which leads to a recovery of a criminal ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- fine, civil penalty, or forfeiture, which ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS exceeds $50,000, for a violation of the REFERENCE: General Accounting Office: See 4 C.F.R. provisions of the Act or of this part, Chapter I. the Secretary may pay a reward to that NOTES APPLICABLE TO ENTIRE CHAPTER: individual. ABBREVIATION: The following abbreviation is used in this (b) The Secretary shall determine the amount of chapter: C.P.D. = Commissioner of the Public Debt. the reward to be paid under this section; NOTES APPLICABLE TO ENTIRE PART: however, any reward paid may not be more EDITORIAL NOTE: Nomenclature changes for part 103 than 25 percent of the net amount of the fine, appear at 52 FR 11442, Apr. 8, 1987. penalty or forfeiture collected, or $150,000, whichever is less. (c) An officer or employee of the United States, SUBPART D—General Provisions a State, or a local government who provides original information described in paragraph 31 C.F.R. 103.51 (a) in the performance of official duties is §103.51 Access to records. not eligible for a reward under this section. HISTORY: Except as provided in §§103.34(a)(1), [50 FR 18479, May 1, 1985] 103.35(a)(1), and 103.36(a) and except for the purpose of assuring compliance with the record- AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: keeping and reporting requirements of this part, 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. this part does not authorize the Secretary or any other person to inspect or review the records NOTES: required to be maintained by subpart C of this NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department part. Other inspection, review or access to such of the Treasury appear in Title 12, Chapter I; Title 19, Chapter records is governed by other applicable law. I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS HISTORY: REFERENCE: General Accounting Office: See 4 C.F.R. [50 FR 5069, Feb. 6, 1985] Chapter I.

AUTHORITY: NOTES APPLICABLE TO ENTIRE CHAPTER: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: ABBREVIATION: The following abbreviation is used in this 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. chapter: C.P.D. = Commissioner of the Public Debt.

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NOTES APPLICABLE TO ENTIRE PART: (1) Each casino shall develop and imple- EDITORIAL NOTE: Nomenclature changes for part 103 ment a written program reasonably appear at 52 FR 11442, Apr. 8, 1987. designed to assure and monitor compliance with the requirements set forth in 31 U.S.C. chapter 53, subchapter II and SUBPART D—General Provisions the regulations contained in this part. (2) At a minimum, each compliance pro- 31 C.F.R. 103.53 gram shall provide for: (i) A system of internal controls to §103.53 Structured transactions. assure ongoing compliance; (ii) Internal and/or external indepen- No person shall for the purpose of evading the dent testing for compliance; reporting requirements of §103.22 with respect (iii) Training of casino personnel, to such transaction: including training in the identifi- (a) Cause or attempt to cause a domestic finan- cation of unusual or suspicious cial institution to fail to file a report required transactions, to the extent that the under §103.22; reporting of such transactions is (b) Cause or attempt to cause a domestic finan- hereafter required by this part, by cial institution to file a report required under other applicable law or regulation, §103.22 that contains a material omission or or by the casino’s own administra- misstatement of fact; or tive and compliance policies; (c) Structure (as that term is defined in (iv) An individual or individuals to §103.11(gg) of this part) or assist in struc- assure day-to-day compliance; turing, or attempt to structure or assist in (v) Procedures for using all available structuring, any transaction with one or information to determine: more domestic financial institutions. (A) When required by this part, the name, address, social HISTORY: [52 FR 11446, Apr. 8, 1987, as amended at 54 FR 3027, security number, and other Jan. 23, 1989] information, and verification of the same, of a person; AUTHORITY: (B) When required by this part, AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. the occurrence of unusual or suspicious transactions; and NOTES: (C) Whether any record as NOTES APPLICABLE TO ENTIRE TITLE: described in subpart C of this EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- part must be made and retained; ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- and ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS (vi) For casinos that have automated REFERENCE: General Accounting Office: See 4 C.F.R. data processing systems, the use of Chapter I. automated programs to aid in NOTES APPLICABLE TO ENTIRE CHAPTER: assuring compliance. ABBREVIATION: The following abbreviation is used in this (b) Special terms. As used in this part, as chapter: C.P.D. = Commissioner of the Public Debt. applied to casinos: NOTES APPLICABLE TO ENTIRE PART: (1) Business year means the annual account- EDITORIAL NOTE: Nomenclature changes for part 103 ing period, such as a calendar or fiscal appear at 52 FR 11442, Apr. 8, 1987. year, by which a casino maintains its books and records for purposes of subtitle A of title 26 of the United States Code. SUBPART D—General Provisions (2) Casino account number means any and 31 C.F.R. 103.54 all numbers by which a casino identifies a customer. §103.54 Special rules for casinos. (3) Customer includes every person which is involved in a transaction to which this (a) Compliance programs. part applies with a casino, whether or

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not that person participates, or intends (12 U.S.C. 1730d), or Chapter 2 of Pub. L. to participate, in the gaming activities 91-508 (12 U.S.C. 1951 et seq.), or any regula- offered by that casino. tion under any such provision, the Secretary or (4) Gaming day means the normal business delegate of the Secretary may summon a finan- day of a casino. For a casino that offers cial institution or an officer or employee of a 24 hour gaming, the term means that financial institution (including a former officer 24 hour period by which the casino or employee), or any person having possession, keeps its books and records for busi- custody, or care of any of the records and reports ness, accounting, and tax purposes. For required under the Currency and Foreign Trans- purposes of the regulations contained in actions Reporting Act or this part to appear this part, each casino may have only one before the Secretary or his delegate, at a time gaming day, common to all of its and place named in the summons, and to give divisions. testimony, under oath, and be examined, and to (5) Machine-readable means capable of produce such books, papers, records, or other being read by an automated data pro- data as may be relevant or material to such cessing system. investigation. (c) [Removed. See 59 FR 61662, Dec. 1, 1994] HISTORY: HISTORY: 52 FR 23979, June 26, 1987. [58 FR 13549, Mar. 12, 1993; 58 FR 45263, Aug. 27, 1993; 59 FR 9088, Feb. 25, 1994; 59 FR 61662, Dec. 1, 1994; AUTHORITY: 60 FR 33725, June 29, 1995] AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: NOTES: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department NOTES: of the Treasury appear in Title 12, Chapter I; Title 19, Chap- [EFFECTIVE DATE NOTE: 60 FR 33725, June 29, 1995, ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- which revised paragraph (a)(1) and substituted ‘‘unusual’’ for ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS ‘‘usual’’ in paragraph (a)(2)(v)(B), became effective June 29, REFERENCE: General Accounting Office: See 4 C.F.R. 1995.] Chapter I. NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department NOTES APPLICABLE TO ENTIRE CHAPTER: of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ABBREVIATION: The following abbreviation is used in this ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- chapter: C.P.D. = Commissioner of the Public Debt. ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS REFERENCE: General Accounting Office: See 4 C.F.R. NOTES APPLICABLE TO ENTIRE PART: Chapter I. EDITORIAL NOTE: Nomenclature changes for part 103 appear at 52 FR 11442, Apr. 8, 1987. NOTES APPLICABLE TO ENTIRE CHAPTER: ABBREVIATION: The following abbreviation is used in this chapter: C.P.D. = Commissioner of the Public Debt. SUBPART E—Summons NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 31 C.F.R. 103.62 appear at 52 FR 11442, Apr. 8, 1987. §103.62 Persons who may issue summons.

SUBPART E—Summons For purposes of this part, the following officials 31 C.F.R. 103.61 are hereby designated as delegates of the Secre- tary who are authorized to issue a summons §103.61 General. under §103.61, solely for the purposes of civil enforcement of this part: For any investigation for the purpose of civil (a) Office of the Secretary. The Assistant Sec- enforcement of violations of the Currency and retary (Enforcement), the Deputy Assistant Foreign Transactions Reporting Act, as amended Secretary (Law Enforcement), and the (31 U.S.C. 5311 through 5324), section 21 of the Director, Office of Financial Enforcement. Federal Deposit Insurance Act (12 U.S.C. (b) Internal Revenue Service. Except with 1829b), section 411 of the National Housing Act respect to §103.23 of this part, the Commis-

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sioner, the Deputy Commissioner, the Asso- are authorized to issue such a summons ciate Commissioner (Operations), the Assis- under §103.62 of this part); tant Commissioner (Examination), Regional (2) The address to which the person sum- Commissioners, Assistant Regional Com- moned shall report for the appearance; missioners (Examination), District Direc- (3) The date and time of the appearance; tors, District Examination Division Chiefs, and and, for the purposes of perfecting seizures and forfeitures related to civil enforcement (4) The name, title, address, and telephone of this part, the Assistant Commissioner number of the person who has issued (Criminal Investigation), Assistant Regional the summons. Commissioners (Criminal Investigation), and (b) Summons of books, papers, records, or data. District Criminal Investigation Division Any summons issued under §103.61 of this Chiefs. part to require the production of books, (c) Customs Service. With respect to §103.23 papers, records, or other data shall describe of this part, the Commissioner, the Deputy the materials to be produced with reasonable Commissioner, the Assistant Commissioner specificity, and shall state: (Enforcement), Regional Commissioners, (1) The name, title, address, and telephone Assistant Regional Commissioners (Enforce- number of the person to whom the ment), and Special Agents in Charge. materials shall be produced (who may be a person other than the persons who HISTORY: are authorized to issue such a summons 52 FR 23979, June 26, 1987. under §103.62 of this part); AUTHORITY: (2) The address at which the person sum- AUTHORITY NOTE APPLICABLE TO ENTIRE PART: moned shall produce the materials, not 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. to exceed 500 miles from any place NOTES: where the financial institution operates NOTES APPLICABLE TO ENTIRE TITLE: or conducts business in the United EDITORIAL NOTE: Other regulations issued by Department States; of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- (3) The specific manner of production, ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS whether by personal delivery, by mail, REFERENCE: General Accounting Office: See 4 C.F.R. or by messenger service; Chapter I. (4) The date and time for production; and NOTES APPLICABLE TO ENTIRE CHAPTER: (5) The name, title, address, and telephone ABBREVIATION: The following abbreviation is used in this number of the person who has issued chapter: C.P.D. = Commissioner of the Public Debt.NOTES the summons. APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 HISTORY: appear at 52 FR 11442, Apr. 8, 1987. 52 FR 23979, June 26, 1987.

AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. SUBPART E—Summons NOTES: NOTES APPLICABLE TO ENTIRE TITLE: 31 C.F.R. 103.63 EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- §103.63 Contents of summons. ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS (a) Summons for testimony. Any summons REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. issued under §103.61 of this part to compel Chapter I. the appearance and testimony of a person NOTES APPLICABLE TO ENTIRE CHAPTER: shall state: ABBREVIATION: The following abbreviation is used in this (1) The name, title, address, and telephone chapter: C.P.D. = Commissioner of the Public Debt. number of the person before whom the NOTES APPLICABLE TO ENTIRE PART: appearance shall take place (who may EDITORIAL NOTE: Nomenclature changes for part 103 be a person other than the persons who appear at 52 FR 11442, Apr. 8, 1987.

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SUBPART E—Summons SUBPART E—Summons 31 C.F.R. 103.64 31 C.F.R. 103.65 §103.64 Service of summons. §103.65 Examination of witnesses and records. (a) Who may serve. Any delegate of the Secre- tary authorized under §103.62 of this part to (a) General. Any delegate of the Secretary issue a summons, or any other person autho- authorized under §103.62 of this part to rized by law to serve summonses or other issue a summons, or any officer or employee process, is hereby authorized to serve a of the Treasury Department or any com- summons issued under this part. ponent thereof who is designated by that person (whether in the summons or (b) Manner of service. Service of a summons otherwise), is hereby authorized to receive may be made— evidence and to examine witnesses pursuant to the summons. Any person authorized (1) Upon any person, by registered mail, by law may administer any oaths and affir- return receipt requested, directed to the mations that may be required under this person summoned; subpart. (b) Testimony taken under oath. Testimony of any person under this part may be taken (2) Upon a natural person by personal under oath, and shall be taken down in delivery; or writing by the person examining the person summoned or shall be otherwise tran- (3) Upon any other person by delivery to an scribed. After the testimony of a witness has officer, managing or general agent, or been transcribed, a copy of that transcript any other agent authorized to receive shall be made available to the witness upon service of process. request, unless for good cause the person issuing the summons determines, under (c) Certificate of service. The summons shall 5 U.S.C. 555, that a copy should not be contain a certificate of service to be signed provided. If such a determination has been by the server of the summons. On the made, the witness shall be limited to hearing of an application for enforcement of inspection of the official transcript of the the summons, the certificate of service signed testimony. by the person serving the summons shall be (c) Disclosure of summons, testimony, or records. evidence of the facts it states. Unless the Secretary or a delegate of the Secretary listed under §103.62(a) of this HISTORY: part so authorizes in writing, or it is other- 52 FR 23979, June 26, 1987. wise required by law, no delegate of the AUTHORITY: Secretary listed under §103.62 (b) or (c) AUTHORITY NOTE APPLICABLE TO ENTIRE PART: of this part or other officer or employee of 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. the Treasury Department or any component NOTES: thereof shall— NOTES APPLICABLE TO ENTIRE TITLE: (1) Make public the name of any person EDITORIAL NOTE: Other regulations issued by Department to whom a summons has been issued of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- under this part, or release any informa- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS tion to the public concerning that person REFERENCE: General Accounting Office: See 4 C.F.R. or the issuance of a summons to that Chapter I. person prior to the time and date set for NOTES APPLICABLE TO ENTIRE CHAPTER: that person’s appearance or production ABBREVIATION: The following abbreviation is used in this of records; or chapter: C.P.D. = Commissioner of the Public Debt. (2) Disclose any testimony taken (including the name of the witness) or material NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 presented pursuant to the summons, to appear at 52 FR 11442, Apr. 8, 1987. any person other than an officer or

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employee of the Treasury Department summons being or has been carried on, the or of any component thereof. jurisdiction in which the person summoned is Nothing in the preceding sentence a resident, or the jurisdiction in which the per- shall preclude a delegate of the Secre- son summoned carries on business or may tary, or other officer or employee of be found. When a referral is made by a dele- the Treasury Department or any com- gate of the Secretary other than a delegate ponent thereof, from disclosing testi- named in §103.62(a) of this part, prompt mony taken, or material presented pur- notification of the referral must be made to suant to a summons issued under this the Director, Office of Financial Enforce- part, to any person in order to obtain ment, Office of the Assistant Secretary (Enforce- necessary information for investigative ment). The court may issue an order requiring purposes relating to the performance of the person summoned to appear before the official duties, or to any officer or Secretary or delegate of the Secretary to employee of the Department of Justice produce books, papers, records, or other data, in connection with a possible violation to give testimony as may be necessary in of Federal law. order to explain how such material was com- piled and maintained, and to pay the costs of HISTORY: the proceeding. Any failure to obey the order 52 FR 23979, June 26, 1987. of the court may be punished by the court AUTHORITY: as a contempt thereof. All process in any AUTHORITY NOTE APPLICABLE TO ENTIRE PART: case under this section may be served in any 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. judicial district in which such person may be NOTES: found. NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department HISTORY: of the Treasury appear in Title 12, Chapter I; Title 19, Chap- 52 FR 23979, June 26, 1987. ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS AUTHORITY: REFERENCE: General Accounting Office: See 4 C.F.R. AUTHORITY NOTE APPLICABLE TO ENTIRE PART: Chapter I. 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330.

NOTES APPLICABLE TO ENTIRE CHAPTER: NOTES: ABBREVIATION: The following abbreviation is used in this NOTES APPLICABLE TO ENTIRE TITLE: chapter: C.P.D. = Commissioner of the Public Debt. EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- NOTES APPLICABLE TO ENTIRE PART: ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- EDITORIAL NOTE: Nomenclature changes for part 103 ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS appear at 52 FR 11442, Apr. 8, 1987. REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. Chapter I.

NOTES APPLICABLE TO ENTIRE CHAPTER: ABBREVIATION: The following abbreviation is used in this SUBPART E—Summons chapter: C.P.D. = Commissioner of the Public Debt. NOTES APPLICABLE TO ENTIRE PART: 31 C.F.R. 103.66 EDITORIAL NOTE: Nomenclature changes for part 103 appear at 52 FR 11442, Apr. 8, 1987. §103.66 Enforcement of summons.

In the case of contumacy by, or refusal to obey a summons issued to, any person under this part, the Secretary or any delegate of the Secretary SUBPART E—Summons listed under §103.62 of this part shall refer the 31 C.F.R. 103.67 matter to the Attorney General or delegate of the Attorney General (including any United States §103.67 Payment of expenses. Attorney or Assistant United States Attorney, as appropriate), who may bring an action to compel Persons summoned under this part shall be compliance with the summons in any court of paid the same fees and mileage for travel in the United States within the jurisdiction of the United States that are paid witnesses in which the investigation which gave rise to the the courts of the United States. The United

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States shall not be liable for any other expense SUBPART F—Administrative Rulings incurred in connection with the production of books, papers, records, or other data under this 31 C.F.R. 103.71 part. §103.71 Submitting requests. HISTORY: 52 FR 23979, June 26, 1987. (a) Each request for an administrative ruling must be in writing and contain the following AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: information: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. (1) A complete description of the situation for which the ruling is requested, NOTES: (2) A complete statement of all material NOTES APPLICABLE TO ENTIRE TITLE: EDITORIAL NOTE: Other regulations issued by Department facts related to the subject transaction, of the Treasury appear in Title 12, Chapter I; Title 19, Chap- (3) A concise and unambiguous question to ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- be answered, ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS (4) A statement certifying, to the best of the REFERENCE: General Accounting Office: See 4 C.F.R. Chapter I. requestor’s knowledge and belief, that the question to be answered is not appli- NOTES APPLICABLE TO ENTIRE CHAPTER: cable to any ongoing state or federal ABBREVIATION: The following abbreviation is used in this investigation, litigation, grand jury pro- chapter: C.P.D. = Commissioner of the Public Debt. ceeding, or proceeding before any other NOTES APPLICABLE TO ENTIRE PART: governmental body involving either the EDITORIAL NOTE: Nomenclature changes for part 103 requestor, any other party to the subject appear at 52 FR 11442, Apr. 8, 1987. transaction, or any other party with whom the requestor has an agency relationship, SUBPART F—Administrative Rulings (5) A statement identifying any information 31 C.F.R. 103.70 in the request that the requestor con- siders to be exempt from disclosure §103.70 Scope. under the Freedom of Information Act, 5 U.S.C. 552, and the reason therefor, This subpart provides that the Assistant Secre- (6) If the subject situation is hypothetical, a tary (Enforcement), or his designee, either uni- statement justifying why the particular laterally or upon request, may issue administra- situation described warrants the issu- tive rulings interpreting the application of ance of a ruling, part 103. (7) The signature of the person making the request, or HISTORY: (8) If an agent makes the request, the sig- 52 FR 35546, Sept. 22, 1987. nature of the agent and a statement AUTHORITY: certifying the authority under which the AUTHORITY NOTE APPLICABLE TO ENTIRE PART: request is made. 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. (b) A request filed by a corporation shall be NOTES: signed by a corporate officer and a request NOTES APPLICABLE TO ENTIRE TITLE: filed by a partnership shall be signed by a EDITORIAL NOTE: Other regulations issued by Department partner. of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- (c) A request may advocate a particular pro- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS posed interpretation and may set forth the REFERENCE: General Accounting Office: See 4 C.F.R. legal and factual basis for that interpretation. Chapter I. (d) Requests shall be addressed to: Director, NOTES APPLICABLE TO ENTIRE CHAPTER: FinCEN, Office of the Assistant Secretary ABBREVIATION: The following abbreviation is used in this (Enforcement), U.S. Department of the Trea- chapter: C.P.D. = Commissioner of the Public Debt. sury, 1500 Pennsylvania Avenue NW., Room 4320, Washington, DC 20220. NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 (e) The requester shall advise the Director, appear at 52 FR 11442, Apr. 8, 1987. FinCEN, immediately in writing of any

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subsequent change in any material fact or ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS statement submitted with a ruling request in REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. Chapter I. conformity with paragraph (a) of this section. NOTES APPLICABLE TO ENTIRE CHAPTER: (Approved by the Ofﬁce of Management and Budget under ABBREVIATION: The following abbreviation is used in this control number 1505-0105) chapter: C.P.D. = Commissioner of the Public Debt.

HISTORY: NOTES APPLICABLE TO ENTIRE PART: 52 FR 35546, Sept. 22, 1987. EDITORIAL NOTE: Nomenclature changes for part 103 appear at 52 FR 11442, Apr. 8, 1987. AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330.

NOTES: NOTES APPLICABLE TO ENTIRE TITLE: SUBPART F—Administrative Rulings EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- 31 C.F.R. 103.73 ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS §103.73 Oral communications. REFERENCE: General Accounting Office: See 4 C.F.R. Chapter I. (a) The Office of the Assistant Secretary NOTES APPLICABLE TO ENTIRE CHAPTER: (Enforcement) will not issue administrative ABBREVIATION: The following abbreviation is used in this rulings in response to oral requests. Oral chapter: C.P.D. = Commissioner of the Public Debt. opinions or advice by Treasury, the Customs Service, the Internal Revenue Service, the NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 Office of the Comptroller of the Currency, appear at 52 FR 11442, Apr. 8, 1987. or any other bank supervisory agency personnel, regarding the interpretation and application of this part, do not bind the SUBPART F—Administrative Rulings Treasury Department and carry no precedential value. 31 C.F.R. 103.72 (b) A person who has made a ruling request in §103.72 Nonconforming requests. conformity with §103.71 may request an opportunity for oral discussion of the issues The Director, Office of Financial Enforcement, presented in the request. The request should shall notify the requester if the ruling request be made to the Director, Office of Financial does not conform with the requirements of Enforcement, and any decision to grant such §103.71. The notice shall be in writing and shall a conference is wholly within the discretion describe the requirements that have not been of the Director. Personal conferences or met. A request that is not brought into confor- telephone conferences may be scheduled mity with such requirements within 30 days only for the purpose of affording the from the date of such notice, unless extended requester an opportunity to discuss freely for good cause by the Office of Financial and openly the matters set forth in the Enforcement, shall be treated as though it were administrative ruling request. Accordingly, withdrawn. the conferees will not be bound by any argument or position advocated or agreed (Approved by the Office of Management and Budget under to, expressly or impliedly, during the con- control number 1505-0105) ference. Any new arguments or facts put HISTORY: forth by the requester at the meeting must be 52 FR 35546, Sept. 22, 1987. reduced to writing by the requester and submitted in conformity with §103.71 before AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: they may be considered in connection with 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. the request.

NOTES: (Approved by the Ofﬁce of Management and Budget under NOTES APPLICABLE TO ENTIRE TITLE: control number 1505-0105) EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- HISTORY: ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- 52 FR 35546, Sept. 22, 1987.

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AUTHORITY: the relationship between part 103 and each AUTHORITY NOTE APPLICABLE TO ENTIRE PART: situation for which such a ruling has been 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. requested in conformity with §103.71. A ruling NOTES: issued under this section shall bind the Treasury NOTES APPLICABLE TO ENTIRE TITLE: Department only in the event that the request EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- describes a specifically identified actual situa- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- tion. A ruling issued under this section shall ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS have precedential value, and hence may be REFERENCE: General Accounting Office: See 4 C.F.R. relied upon by others similarly situated, only if Chapter I. it is published or will be published by the Office NOTES APPLICABLE TO ENTIRE CHAPTER: of Financial Enforcement in the FEDERAL ABBREVIATION: The following abbreviation is used in this REGISTER. Rulings with precedential value chapter: C.P.D. = Commissioner of the Public Debt. will be published periodically in the Federal NOTES APPLICABLE TO ENTIRE PART: Register and yearly in the Appendix to this part. EDITORIAL NOTE: Nomenclature changes for part 103 All rulings with precedential value will be appear at 52 FR 11442, Apr. 8, 1987. available by mail to any person upon written request specifically identifying the ruling sought. Treasury will make every effort to respond to SUBPART F—Administrative Rulings each requestor within 90 days of receiving a request. 31 C.F.R. 103.74 (Approved by the Office of Management and Budget under §103.74 Withdrawing requests. control number 1505-0105) HISTORY: A person may withdraw a request for an admin- 52 FR 35546, Sept. 22, 1987. istrative ruling at any time before the ruling has been issued. AUTHORITY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: HISTORY: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. 52 FR 35546, Sept. 22, 1987. NOTES: AUTHORITY: NOTES APPLICABLE TO ENTIRE TITLE: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Other regulations issued by Department 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- NOTES: ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS NOTES APPLICABLE TO ENTIRE TITLE: REFERENCE: General Accounting Office: See 4 C.F.R. EDITORIAL NOTE: Other regulations issued by Department Chapter I. of the Treasury appear in Title 12, Chapter I; Title 19, Chap- ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- NOTES APPLICABLE TO ENTIRE CHAPTER: ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS ABBREVIATION: The following abbreviation is used in this REFERENCE: General Accounting Office: See 4 C.F.R. chapter: C.P.D. = Commissioner of the Public Debt. Chapter I. NOTES APPLICABLE TO ENTIRE PART: NOTES APPLICABLE TO ENTIRE CHAPTER: EDITORIAL NOTE: Nomenclature changes for part 103 ABBREVIATION: The following abbreviation is used in this appear at 52 FR 11442, Apr. 8, 1987. chapter: C.P.D. = Commissioner of the Public Debt.

NOTES APPLICABLE TO ENTIRE PART: EDITORIAL NOTE: Nomenclature changes for part 103 SUBPART F—Administrative Rulings appear at 52 FR 11442, Apr. 8, 1987. 31 C.F.R. 103.76 §103.76 Modifying or rescinding SUBPART F—Administrative Rulings rulings. 31 C.F.R. 103.75 (a) The Assistant Secretary (Enforcement), or §103.75 Issuing rulings. his designee may modify or rescind any ruling made pursuant to §103.75: The Assistant Secretary (Enforcement), or his (1) When, in light of changes in the statute designee may issue a written ruling interpreting or regulations, the ruling no longer sets

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forth the interpretation of the Assistant NOTES APPLICABLE TO ENTIRE PART: Secretary (Enforcement) with respect to EDITORIAL NOTE: Nomenclature changes for part 103 appear at 52 FR 11442, Apr. 8, 1987. the described situation, (2) When any fact or statement submitted in the original ruling request is found to be materially inaccurate or incomplete, or (3) For other good cause. SUBPART F—Administrative Rulings (b) Any person may submit to the Assistant Secretary (Enforcement) a written request 31 C.F.R. 103.77 that an administrative ruling be modified or §103.77 Disclosing information. rescinded. The request should conform to the requirements of §103.71, explain why (a) Any part of any administrative ruling, includ- rescission or modification is warranted, and ing names, addresses, or information related refer to any reasons in paragraph (a) of this to the business transactions of private par- section that are relevant. The request may ties, may be disclosed pursuant to a request advocate an alternative interpretation and under the Freedom of Information Act, may set forth the legal and factual basis for 5 U.S.C. 552. If the request for an adminis- that interpretation. trative ruling contains information which (c) Treasury shall modify an existing adminis- the requestor wishes to be considered for trative ruling by issuing a new ruling that exemption from disclosure under the Free- rescinds the relevant prior ruling. Once dom of Information Act, the requestor should rescinded, an administrative ruling shall no clearly identify such portions of the request longer have any precedential value. and the reasons why such information should (d) An administrative ruling may be modified or be exempt from disclosure. rescinded retroactively with respect to one or more parties to the original ruling request (b) A requestor claiming an exemption from if the Assistant Secretary determines that: disclosure will be notified, at least 10 days (1) A fact or statement in the original ruling before the administrative ruling is issued, request was materially inaccurate or of a decision not to exempt any of such incomplete, information from disclosure so that the (2) The requestor failed to notify in writing underlying request for an administrative rul- the Office of Enforcement of a material ing can be withdrawn if the requestor so change to any fact or statement in the chooses. original request, or (Approved by the Office of Management and Budget under (3) A party to the original request acted in control number 1505-0105) bad faith when relying upon the ruling. HISTORY: (Approved by the Office of Management and Budget under 52 FR 35546, Sept. 22, 1987. control number 1505-0105) AUTHORITY: HISTORY: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: 52 FR 35546, Sept. 22, 1987. 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330.

AUTHORITY: NOTES: AUTHORITY NOTE APPLICABLE TO ENTIRE PART: NOTES APPLICABLE TO ENTIRE TITLE: 12 U.S.C. 1829b and 1951–1959; 31 U.S.C. 5311–5330. EDITORIAL NOTE: Other regulations issued by Department of the Treasury appear in Title 12, Chapter I; Title 19, Chap- NOTES: ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- NOTES APPLICABLE TO ENTIRE TITLE: ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS EDITORIAL NOTE: Other regulations issued by Department REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. of the Treasury appear in Title 12, Chapter I; Title 19, Chap- Chapter I. ter I; Title 26, Chapter I; Title 27, Chapter I; Title 31, Chap- ters II, IV, V, VI, and VII, and Title 48, Chapter 10. CROSS NOTES APPLICABLE TO ENTIRE CHAPTER: REFERENCE: General Accounting Ofﬁce: See 4 C.F.R. ABBREVIATION: The following abbreviation is used in this Chapter I. chapter: C.P.D. = Commissioner of the Public Debt.

NOTES APPLICABLE TO ENTIRE CHAPTER: NOTES APPLICABLE TO ENTIRE PART: ABBREVIATION: The following abbreviation is used in this EDITORIAL NOTE: Nomenclature changes for part 103 chapter: C.P.D. = Commissioner of the Public Debt. appear at 52 FR 11442, Apr. 8, 1987.

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