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which a report has not been filed under paragraph (a) of this section, whether or not required to be filed thereunder, shall make a report thereof, stating the amount, the date of receipt, the form of monetary instruments, and the person from whom received.

(c) This section shall not require reports by (1) a Federal Reserve bank, (2) a bank, a foreign bank, or a broker or dealer in securities, in respect to currency or other monetary instruments mailed or shipped through the postal service or by common carrier, (3) a person who is not a citizen or resident of the United States in respect to currency or other monetary instruments mailed or shipped from abroad to a bank or broker or dealer in securities through the postal service or by common carrier, (4) a common carrier of passengers in respect to currency or other monetary instruments in the possession of its passengers, (5) a common carrier of goods in respect to shipments of currency or monetary instruments not declared to be such by the shipper, (6) a travelers' check issuer or its agent in respect to the transportation of travelers' checks prior to their delivery to selling agents for eventual sale to the public, nor by (7) a person engaged as a business in the transportation of currency, monetary instruments and other commercial papers with respect to the transportation of currency or other monetary instruments overland between established offices of banks or brokers or dealers in securities and foreign banks.

(d) This section does not require that more than one report be filed covering a particular transportation, mailing or shipping of currency or other monetary instruments with respect to which a complete and truthful report has been filed by a person. However, no person required by paragraph (a) or (b) of this section to file a report shall be excused from liability for failure to do so if, in fact, a complete and truthful report has not been filed. § 103.24 Reports of foreign financial

accounts. Each person subject to the jurisdiction of the United States (except a foreign subsidiary of a U.S. person) having a financial interest in, or signature or other authority over, a bank, securities or other financial account in a foreign country shall report such relationship as required on his Federal income tax return for each year in which such relationship exists, and shall provide such information concerning each such account as shall be specified in a special tax form to be filed by such persons. 8 103.25 Filing of reports.

(a) Reports required to be filed by the first paragraph of $ 103.22 shall be filed on or before the 45th day following that on which the reported transactions occur. They shall be filed with the Commissioner of Internal Revenue on forms to be prescribed by him, with the approval of the Secretary. All information called for in such forms shall be furnished.

(b) Reports required to be filed by $ 103.23(a) shall be filed at the time of entry into the United States or at the time of departure, mailing or shipping from the United States, unless otherwise directed or permitted by the Commissioner of Customs. They shall be filed with the Customs officer in charge at any Customs port of entry or departure, or as otherwise permitted or directed by the Commissioner of Customs. If the currency or other monetary instruments with respect to which a report is required do not accompany a person entering or departing from the United States, such reports may be filed by mail on or before the date of entry, departure, mailing or shipping, with the Commissioner of Customs, Attention: Currency Transportation Reports, Washington, D.C. 20226. They shall be on forms to be prescribed by the Secretary and all information called for in such forms shall be furnished

(c) Reports required to be filed by $ 103.23(b) shall be filed with the Commissioner of Customs within 30 days after receipt of the currency or other monetary instruments. They may be filed with the Customs officer in charge at any port of entry or departure, or by mail addressed to the Commissioner of Customs, Attention: Currency Transportation Reports, Washington, D.C. 20226. They shall be on forms to be prescribed by the Secretary and all information called for in such forms shall be furnished.

(d) Forms to be used in making the reports required by $$ 103.22 and 103.23 may be obtained from any Internal Revenue office; in addition, forms to be used in making the reports required by $ 103.23 may be obtained from any office of the Bureau of Customs. § 103.26 Identification required.

Before effecting any transaction with respect to which a report is required under the first paragraph of $ 103.22, a financial institution shall verify and record the identity, and record the account number on its books or the social security or taxpayer identification number, if any, of a person with whom or for whose account such transaction is to be effected. Verification of identity for a customer of the financial institution depositing or withdrawing funds may be by reference to his account or other number on the books of the institution. Verification of identity in any other case may be by examination, for example, of a driver's license, passport, alien identification card, or other appropriate document normally acceptable as a means of identification. Subpart C-Records Required To Be

Maintained 8 103.31 Determination by the Secre.

tary. The Secretary hereby determines that the records required to be kept by this subpart have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.

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$ 103.32 Records to be made and re.

tained by persons having financial interests in foreign financial ac

counts. Records of accounts required by $ 103. 24 to be reported on a Federal income tax return shall be retained by each person having a financial interest in any such account. Such records shall contain the name in which each such account is maintained the number or other designation of such account, the name and address of the foreign bank or other person with whom such account is maintained, the type of such account, and the maximum value of each such account during the reporting period. Such records shall be retained for a period of 5 years and shall be kept at all times available for inspection as authorized by law. In the computation of the period of 5 years, there shall be disregarded any period beginning with a date on which the taxpayer is indicted or information instituted on account of the filling of a false or fraudulent Federal income tax return or failing to file a Federal income tax return, and ending with the date on which final disposition is made of the criminal proceeding. 8 103.33 Records to be made and re

tained by financial institutions. Each financial institution shall retain either the original or a microfilm or other copy or reproduction of each of the following:

(a) A record of each extension of credit in an amount in excess of $5,000, except an extension of credit secured by an interest in real property, which record shall contain the name and address of the person to whom the extension of credit is made, the amount thereof, the nature or purpose thereof, and the date thereof;

(b) A record of each advice, request, or instruction received regarding a transaction which results in the transfer of funds, or of currency, other monetary instruments, checks, investment securities, or credit, of more than $10,000 to a person, account, or place outside the United States;

(c) A record of each advice, request, or instruction given to another financial institution or other person located within or without the United States, regarding a transaction intended to result in the transfer of funds, or of currency, other monetary instruments, checks, investment securities, or credit, of more than $10,000 to a person, account or place outside the United States; $ 103.34 Additional records to be made

and retained by banks. (a) With respect to each deposit or share account opened with a bank after June 30, 1972, by a person residing or doing business in the United States or a citizen of the United States, such bank shall secure and maintain a record of the taxpayer identification number of the person maintaining the account; or in the case of an account of one or more individuals, such bank shall secure and maintain a record of the social security

(3)

number of an individual having a financial interest in that account.

(b) Each bank shall, in addition, retain either the original or a microfilm or other copy or reproduction of each of the following:

(1) Each document granting signature authority over each deposit or share account:

(2) Each statement, ledger card or other record on each deposit or share account, showing each transaction in, or with respect to, that account;

(3) Each check, clean draft, or money order drawn on the bank or issued and payable by it, except those drawn on accounts which can be expected to have drawn on them an average of at least 100 checks per month over the calendar year or on each occasion on which such checks are issued, and which are (1) dividend checks, (ii) payroll checks, (111) employee benefit checks, (iv) insurance claim checks, (v) medical benefit checks, (vi) checks drawn on governmental agency accounts, (vii) checks drawn by brokers or dealers in securities, (viii) checks drawn on fiduciary accounts, (ix) checks drawn on other financial institutions, or (x) pension or annuity checks;

(4) Each item other than bank charges or periodic charges made pursuant to agreement with the customer, comprising a debit to a customer's deposit or share account, not required to be kept, and not specifically exempted, under subparagraph

of this paragraph; (5)

Each item, including checks, drafts, or transfers of credit, of more than $10,000 remitted or transferred to a person, account or place outside the United States;

(6) A record of each remittance or transfer of funds, or of currency, other monetary instruments, checks, investment securities, or credit, of more than $10,000. to a person, account or place outside the United States;

(7) Each check or draft in an amount in excess of $10,000 drawn on or issued by a foreign bank, purchased, received for credit or collection, or otherwise acquired by the bank;

(8) Each item, including checks, drafts or transfers of credit, of more than $10,000 received directly and not through a domestic financial institution, by letter, cable or any other means, from a person, account or place outside the United States;

(9) A record of each receipt of currency,

other monetary instruments, checks, or investment securities, and of each transfer of funds or credit, of more than $10,000 received on any one occasion directly and not through a domestic financial institution, from a person, account or place outside the United States; and

(10) Records prepared or received by a bank in the ordinary course of business, which would be needed to reconstruct a demand deposit account and to trace a check deposited in such account through its domestic processing system

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or to supply a description of a deposited check. This subparagraph shall be applicable only with respect to demand deposits. § 103.35 Additional records to be made

and retained by brokers and dealers

in securities, (a) With respect to each brokerage account opened with a broker or dealer in securities after June 30, 1972, by a person residing or doing business in the United States or a citizen of the United States, such broker or dealer shall secure and maintain a record of the taxpayer identification number of the person maintaining the account; or in the case of an account of one or more individuals, such broker or dealer shall secure and maintain a record of the social security number of an individual having a financial interest in that account.

(b) Every broker or dealer in securities shall, in addition, retain either the original or a microfilm or other copy or reproduction of each of the following:

(1) Each document granting signature or trading authority over each customer's account;

(2) Each record described in $ 240.17a-3(a) (1), (2), (3), (5), (6), (7), (8), and (9) of Title 17, Code of Federal Regulations;

(3) A record of each remittance or transfer of funds, or of currency, checks, other monetary instruments, investment securities, or credit, of more than $10,000 to a person, account or place outside the United States;

(4) A record of each receipt of currency, other monetary instruments, checks, or investment securities and of each transfer of funds or credit, of more than $10,000 received on any one occasion directly and not through a domestic financial institution, from any person, account or place outside the United States. 8 103.36 Nature of records and retention

period. (a) Wherever it is required that there be retained either the original or a microfilm or other copy or reproduction of a check, draft, monetary instrument, investment security, or other similar instrument, there shall be retained a copy of both front and back of each such instrument or document, except that no copy need be retained of the back of any instrument or document which is entirely blank or which contains only standardized printed information, a copy of which is on file.

(b) Records required by this subpart to be retained by financial institutions may be those made in the ordinary course of business by a financial institution. If no record is made in the ordinary course of business of any transaction with respect to which records are required to be retained by this subpart, then such a record shall be prepared in writing by the financial institution.

(c) Records which are required by $ 103.34(b) (10) to be retained by banks

I started for a period of 2 years. All other records which are required by this subpart to be retained by financial institutions shall be retained for a period ceptions, exemptions, requirements or modifications may be conditional or unconditional, may apply to particular persons or to classes of persons, and may apply to particular transactions or classes of transactions. They shall, however, be applicable only as expressly stated in the order or authorization, and they shall be revocable in the sole discretion of the Secretary.

of 5 years. All such records shall be filed or stored in such a way as to be accessible within a reasonable period of time, taking into consideration the nature of the record, and the amount of time expired since the record was made. & 103.37 Person outside the United

States. For the purposes of this subpart, a remittance or transfer of funds, or of currency, other monetary instruments, checks, investment securities, or credit to the domestic account of a person whose address is known by the person making the remittance or transfer, to be outside the United States, shall be deemed to be a remittance or transfer to a person outside the United States, except that, unless otherwise directed by the Secretary, this section shall not apply to a transaction on the books of a domestic financial institution involving the account of a customer of such institution whose address is within approximately 50 miles of the location of the institution, or who is known to be temporarily outside the United States.

Subpart D-General Provisions § 103.41 Dollars as including foreign

currency Wherever in this part an amount is stated in dollars, it shall be deemed to mean also the equivalent amount in any foreign currency. $ 103.42 Photographic or other repro

ductions of Government obligations. Nothing herein contained shall require or authorize the microfilming or other reproduction of

(a) Currency or other obligation or security of the United States as defined in 18 U.S.C. 8, or

(b) Any obligation or other security of any foreign government, the reproduction of which is prohibited by law. § 103.43 Availability of information.

The Secretary may make any information set forth in any reports received pursuant to this part available to any other department or agency of the United States upon the request of the head of such department or agency, made in writing and stating the particular information desired, the criminal, tax, or regulatory investigation or proceeding in connection with which the information is sought, and the official need therefor. $ 103.44 Disclosure.

All reports required under this part and all records of such reports are specifically exempted from disclosure under section 552 of title 5, United States Code. $ 103.45 Exceptions, exemptions, modi

fications, and reports. (a) The Secretary, in his sole discretion, may by written order or authorization make exceptions to, grant exemptions from impose apikivinnn! rarordkeeping or reporting requirements authorized by statute, or otherwise modify, the requirements of this part. Such ex

(b) The Secretary shall have authority to further define all terms used herein. 8 103.46 Enforcement.

(a) Responsibility for assuring compliance with the requirements of this part is delegated as follows:

(1) To the Comptroller of the Currency, with respect to national banks and banks in the District oi Columbia;

(2) To the Board of Governors of the Federal Reserve System, with respect to State bank members of the Federal Reserve System;

(3) To the Federal Home Loan Bank Board, with respect to insured building and loan associations, insured savings and loan associations, and insured institutions as defined in section 401 of the National Housing Act;

(4) To the Administrator of the National Credit Union Administration, with respect to Federal credit unions;

(5) To the Federal Deposit Insurance Corporation, with respect to all other banks except agents of foreign banks which agents are not supervised by State or Federal bank supervisory authorities;

(6) To the Securities and Exchange Commission, with respect to brokers and dealers in securities;

(7) To the Commissioner of Customs with respect to

103.23 and 103.48; (8) To the Commissioner of Internal Revenue except as otherwise specified in this section.

(b) Overall responsibility for coordinating the procedures and efforts of the agencies listed herein and assuring compliance with this part, is delegated to the Assistant Secretary (Enforcement, Tariff and Trade Affairs, and Operations). Periodic reports shall be made by each such agency to the Assistant Secretary, with copies to the General Counsel of the Treasury Department and to the Commissioner of Internal Revenue. $ 103.47

Civil penalty. (a) For any willful violation of any requirement of this part, the Secretary may assess upon any domestic financial institution, and upon any partner, director, officer or employee thereof who willfully participates in the violation, a civil penalty not exceeding $1,000.

(b) For any failure to file a report required under 103.23 or for filing such a report containing any material omission or misstatement, the Secretary may assess a civil penalty up to the amount of the currency or monetary instruments transported, mailed or shipped, less any amount forfeited under 8 103.48. & 103.48 Forfeiture of currency or mon.

etary instruments. Any currency or other monetary instruments which are in the process of

any transportation with respect to which a report is required under $ 103.23 are subject to seizure and forfeiture to the United States if such report has not been filed as required in $ 103.25, or contains material omissions or misstatements. The Secretary may. in his sole discretion, remit or mitigate any such forfeiture in whole or in part upon such terms and conditions as he deems reasonable. $ 103.49 Criminal penalty.

(a) Any person who willfully violates any provision of this part 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 violation is of any provision authorized by title I of Public Law 91-508 and if the violation is committed in furtherance of the commission of any violation of Federal law punishable by imprisonment for more than 1 year, be fined not more than $10,000 or be imprisoned not more than 5 years, or both.

(b) Any person who willfully violates any provision of title II of Public Law 91-508, or of this part authorized thereby, where the violation is either

(1) Committed in furtherance of the commission of any other violation of Federal law, or

(2) Committed as part of a pattern of illegal activity involving transactions exceeding $100.000 in any 12-month period, may, upon conviction thereof, be fined not more than $500,000 or be imprisoned not more than 5 years, or both.

(c) Any person who knowingly makes any false, fictitious or fraudulent statement or representation in any report required by this part nay, upon conviction thereof, be fined not more than $10,000 or be imprisoned not more than 5 years, or both. $ 103.50 Enforcement authority with re

spect to transportation of currency

or monetary instruments. (a) If the Secretary has reason to believe that currency or monetary instruments are in the process of transportation and with respect to which a report required under $ 103.23 has not been filed or contains material omissions or misstatements, he may apply to any court of competent jurisdiction for a search warrant. Upon a showing of probable cause, the court may issue a warrant authorizing the search of any or all of the following:

(1) One or more designated persons.

(2) One or more designated or described places or premises.

(3) One or more designated or described letters, parcels, packages, or other physical objects.

(4) One or more designated or described vehicles. Any application for a search warrant pursuant to this section shall be accompanied by allegations of fact supporting the application.

(b) This section is not in derogation of the authority of the Secretary under any other law or regulation.

Effective date. This part shall become effective July 1, 1972.

[FR Doc. 72-5171 Filed 4-4-72;8:47 aml

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IV. CURRENCY AND FOREIGN TRANSACTIONS REPORTING FORMS

4683

Form
(Rev. Nov. 1971)
Department of the Treasury
Internal Revenue Service

U.S. Information Return on Foreign Bank,
Securities, and Other Financial Accounts

Attach to your tax return.

For the calendar year 19........ or other taxable year beginning .

19......, and ending

19. Complete this form showing your relationship during the taxable year to one or more bank,

securities or other financial accounts in foreign countries. Use additional sheets if necessary. Name(s) as shown on return

Tax identifying number (Social security
number or employer identification

Check type of return number if other than individual)

O Individual

Partnership NOTE: Ownership of 50% or less of the stock of any corporation which owns one or more foreign accounts O Corporation is not a' "financial interest" in these accounts and need not be reported by the shareholder. Ac.

Small business counts in a U.S. military banking facility operated by a U.S. financial institution are not foreign accounts and need not be reported.

corporation If you wish, you may also submit any other information or explanation not required by this form

Fiduciary concerning your interest in or authority over an account. Part Check all appropriate boxes. See instruction F for definition of "financial interest."

Use additional sheets if necessary. 1. o I had signature authority or other authority over one or more foreign accounts, but I had no "financial interest" in such

accounts (see instruction I). Indicate for these accounts: Name and tax identifying number (if any) of each owner Address of each owner

(Do not complete Part II for these accounts.) 2. o I had a "financial interest" in one or more foreign accounts, but the total maximum value of these accounts (see in

struction H) did not exceed $10,000 at any time during the taxable year. (If you checked this box, do not complete Part II.) 3. o I had a "financial interest" in 25 or more foreign accounts. (If you checked this box, do not complete Part II.)

4. O I had a "financial interest" in one or more but fewer than 25 foreign accounts, and the total maximum value of these

accounts (see instruction H) exceeded $10,000 during the taxable year. (If you checked this box, complete Part II.) Part II Complete this part ONLY if you checked item 4, and provide information in items 5 through 10 for each

account. Please use a separate Form 4683 for each account or use your own schedule to provide this
information.
To avoid duplicate reporting on accounts owned by a corporation, partnership, or trust required to file this form,
you may follow the procedure in instruction J by checking this box and completing the statement on the back of

this form.
5. Name in which account is maintained

6. Name of bank or other person with whom account is

maintained

7. Number and other account designation, if any

8. Address of office or branch where account is maintained

9. Type of account. (If not certain of English name for the type of account, give the foreign language name and describe the nature of the account. Attach additional sheets if necessary.) Savings, demand, or checking

O Securities

Other (specity)

10. Maximum value of account (see instruction H) O Under $50,000

$50,000 to $100,000

Over $100,000

O Unable to determine (attach explanation)

Instructions

A. Who Must File a Return. Each United States person who has a finan. cial interest in or signature authority or other authority over a bank, securi. ties, or other financial account in a foreign country at any time during a taxable year, must report that relation. ship for each taxable year. Do this by checking the appropriate box on the Form 1040, 1041, 1065, 1120, 1120L, 1120M, or 1120S you file for the taxable year and by filing with that return an information return on Form 4683 for that year.

B. United States Person.—The term
"United States person" means (1) a
citizen or resident of the United States,
(2) a domestic partnership, (3) a do-
mestic corporation, and (4) a domestic
estate or trust.

C. Account in a Foreign country.-
A "foreign country" includes all geo.
graphical areas located outside the
United States, its possessions, and
Puerto Rico.

Report any account maintained with
a branch, agency, or other office of a
bank (e

military banking facility as defined in instruction D) or broker or dealer in securities that is located in

a foreign country, even if it is a part of a United States bank or other institution. Do not report any account main. tained with a branch, agency, or other office of a foreign bank or other insti. tution that is located in the United States, its possessions, or Puerto Rico.

D. Military Banking Facility.--Do not consider as an account in a foreign country an account in an institution known as a "United States military banking facility" (or “United States military finance facility") operated by a United States financial institution un.

(Continued on back)

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