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Chapter I-Monetary Offices, Dept. of the Treas.

§ 103.32

number, and the social security or taxpayer identification number, if any, of any person or entity for whose or which account such transaction is to be effected. Verification of the identi. ty of an individual who indicates that he is an alien or is not a resident of the United States must be made by passport. alien identification card, or other official document evidencing nationality or residence. Verification of identity in any other case may be by examination of a document normally acceptable as a means of identification when cashing checks, for example, a driver's license or a credit card. In cach instance, the method used in verifying the identity of the custome! shall be recorded on the report. (45 FR 37820, June 5, 1980)

(b) Reports required to be filed by $ 103.2311) 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 permit. ted or directed by the Commissioner of Customs. If the currency or other monetary instruments with respect to which a report is required do not ac. company a person entering or departing from the United States, such reports niay be filed by mail un or before the date of entry. departure, maiiing or shippink, will the Cominissioner of Customs, Attention: Currency Transportation Reports. Washington, D.C. 20226. They shall be on forms to be prescribed by Ihr Secretary and all information called for in such furins shall bc furnished.

(c) Reports required to 12 siled by 3103.23(b) shall be filed ith the Commissioner of Customs within 30 days after receipt of the currency or olher monetary instruinents. They may be filed with the Customs officer in charge at any port or einir: or cr parture, or by mail addressivi tro the Commissioner of Cirstoms, llension: Currency Transportation Reports, Washington, D.C. 20226. 'They shall be on forms to be prescribed 2: the Ser. retary iind all inlorination called for in such forms s!:all be furnished.

(d) Forms to be used in making the reports required by $ $ 103.22 and 103.23 inay be obtained froin any Internal Revenue office; in addition, forms to be used in making the reports required by $ 103.23 may be nbi:lined from any office of the Burcall of Cus. toms.

Subpart c-Records Required To Be

Maintained

3 10:3.3; Determination hy the Secretary.

Tire Secretary hereby determines trai the records required to be kept by lisis subpart have a high ciegree of usefulness in criminal, tax, or regulatory investigations or proceedings.

$ 119.5.2: Records to be made and relained

by persons having financial interests in

foreign financial accounts. Records of accounts required by $ 103.24 to be reported on a Federal inconie tax return shall be retained by cach pirso: liaving a financial interest in any such account. Such records shall contain the name in which each sucii account is maintained, the number or other designation of such account, ihe name and address of the foreign bank or other person with whon such account is maintained, the type of such account, and the maxi. num value of each such account during the reporting period. Such records shall be retained for a period of 3 years and shall be kept at all times available for inspection as authorized by law. In third computation of the period of 5 years, there shall be disre. garded any period beginning with a date on which the taxpayer is indicted or iniirmation insiituted on account on the liling of a false or fraudulent within the 45-day period specified, the required irientificalion, it shall neverthless mot be decorned 10 loc in viola lion o! this section il (i) it has inade a reasonable effort to secure such iden. tisication, and (ii) il niaintains a list containing the names. addresses, and account numbers of those persons from whom it has been unable to secure such identification, and makes the names. addresses, and account !!

(37 FR 69;:. pr. 5, 1972. ils auleochard at 45 FR 37820), Jun 5, 1980)

$ 103.26 Identification required.

Before eifecting any transaction with respect to which a report is required under paragraph calor ş 103.22. a financial institution shall verily and record the name and address or the individual presenting a trans::cuon.is well as recurs the identity. Riscount

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Federal income tax rellirni or failink to file & Federal income tax return, and ending with the date on which sinal disposition is made of llle criniinal proceeding.

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8103.33 Records to be made and retained

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 caci: pxiension of credit in an amount in excess of $5.000. except an extension of credit secured by an inicrest in real proper ts, which record shali contain the 12mne and acidress of tile prorson 10 whom the extension of credit is niade the amount thereof. !! naiure' or purpose thereof, and the date thereos:

(b) A record of eact! advice, reguts!. or instruction received regarding a transactior, which results in the trans. ser o funds, or of currency. other monetary instruments, checks, investment securities, or credit, of more than $10 100 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 Stilles, 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 person, account or place outside the United States;

22

unbers of those persons available to iho Secreiary is dired by him. A !nk acting as an agent for another person in illo purchase or redemption cil it certificials of ilep::11 issued by allvillaer balık is ressible for wbt:uning illud recording Ilir proffesired laxpiryer ickeritifica!ion, .25 well its for maintain. ink !lor records referred to in paragraphis (b)il11 ani (12) of this section. Thir issuink bank tilll satisfy the reco ordkecping requiremeni: by recording the name and addres: (! the agen! 10bellier with a description of the instruinent and tire date of the transaction

(2; Tlie 4o.dix periodi provided for in Dillakraj! (all) of this section shall be extended where t!ie person opening the account has applied for a taxpayer identification or

social security number on Forni SS4 or SS-5, until such time as the person maintaining The account has had a reasonable op. portunity to secure such number and Turnish it to the bank.

(3) A taxpayer identification number reüuired under paragraph (all) of this section need not be secured fo: accounts or transactions with the following: ii) Agencies and instrumentalities of fir.deral, State, locai or foreign govrrn:ollits: (ii) judges. public officials, or clerks of courts of record as custodians of funds in controversy or under the control of ilipo wirt; vii) aliens ulio ire (A) anilassadors, ministers, career diplomatic or consular officers, ar B) naval, military or other atta(illes of furcin (r!!)isirs and lexa. tions and for !!!" inembers of their isn!ni diate families; (13-) alicants who are ali (redlid representaiiies of international organizations which are entitled 10 enjiny privileges, excmpiions and immunities as an interrational organiration 1!!1der the International Organization: Ininunities Art of Derember 29,

8 103.3-4 Additional records to be made

and retained by banks. (a)(1) With respect to tách cerufi. cate of deposit sold or redeemed after May 31, 1978. or each deposit or share account Opened wiih a bunk after June 30. 1972, a bank shall, within 5 days from the date stich a transaction!! occurs or an account is opened, secure and maintain a record of the taxpayer identification number of the customer involved; or where the account or cerlificate is in the names of iwo or more persons, the bank shall secure the taxpayer identification number of а person haring a financial interest in ile certificate or account. In the pur!!! that a bank has been unaiula IC scurt,

Chapter I-Monetary Offices, Dept. of the Treos.

1945 (22 U.S.C. Sec. 288), and the mi :17 bers of their immedia!c familie : ill.) aliens lcnipurarily residing in the United States for iPriod 1101 1 exceed 180 days: (vi) aliens not ron. 18ed in it trade or business in the United States who are attending a rec: ognized college or university or any training program, supervised or con. ducted by any agency of the Pycieral Government: (vii) unincorporated sub. ordinate units of a lax exempt central organization which are covered by a group exemption letter, (viji!?? person under 18 years of age witli resne: 10 an account openei as a part of a school thrilt saliings program, provided the annual interest is less than $10; (ix) a person opening a Christinas club, vacation club and siinilar install. ment savings programs provideri lhe annual interesi is less than $10; and (x) non-resident aliens who are not en. gaged in a trade or busir: ss in the United States. In instances described in paragraphs la)(3), (viji) and (ixi of this section, the bank shall, within 15 days following the end of ien: calenda: year in which the interest acoried in that year is 320 or inore e ila tris! effort to secure and rilainiai ihe apopropriate fix:a ver identication: munber or application lorlii therilor.

!4) The rules and refilliliiin: is.ilili by the Inlernal Reverall:: Service under section 0109 of 11 Internal Revenue Core or 1911 siall diferini whirl constililles i taxpayer identifiratiuni muinber and whose mimber 31:.11) be ubtained in the case of 2i Huuni inaintained by one or inore Peisa!:S.

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

(1) Each document granting signa. lure authority over earli deposit or share account;

(2) Each statement. ledger card or other record on each deposit or share account, sliouing eachi transicrion in, or with respect to, that account:

(3) Each check. clean dra!l. or money order drawn on the bank 0. issued and payable by it, excopt thuse drawn for $100 or less or those drawn on accounts which can be expected to have drawn on them an average of at least 100 checks per month over the

§ 103.34

calendar year or oli each uccision on while such checks are issued, and which are (i) dividend checks. (ii) payroll (110.6ks. (iii) employee benefit checks. Find insurance claiin chiccks, (v) ineclical benefit checks, (vi) checks dra:;1 on government agency acronnes. (vii) checks drawn by brokers or dealers in securities. (viii) checks drawn on fiduciary accounts, (ix) checks drawn on other financial insti. tutions. ur (x) pension or annuity checks:

(4) Each item in excess of $100 s other than bank charges or periodic charges inade pursuant to agreement with thie customeri, comprising a debit to a customer's deposit or share acrount, not required to be kept, and not specifically exempted. under paragraphibi(3) of this section;

(5) Each item, including checks, drafts, or transfers of credit, of more ihan $10.000 remitted or transferred 10 a person, account or place outside the United States;

16. A record of each remittance or transfer of funds, or of currency. (10: monetary instruments, checks, insesimert securities, or credit, of 11.Ori 11111 $10.000 10 a person. accoun! 0: placa Quisides the United Siatris:

il Br(!) check Or craft in an :!!!10xilled in posre::S of $10.011)(8 crawn on di issiden toive a foreign bank which the odonirilir. bank has paid or presented !-arlonbank drauee for payment;

1.31 :0 itemincluding checks, draits or transfers of credit. of more than $10.000 received directly and not tirough a domestic financial institu. tion, by letter, cable or any other means, tiom a bank, broker or dealer in foreign exchange outside the United States;

(9) ik record of cach receipt of cur. rericu. Ollie'r monetary instruments, investment securities or checks, and of each transfer of funds or credit, of more than 310.000 received on any one occasion directly and noi through a domesti financial institution, from a bank, broker or dealer in foreign ex. change outside the United States; and

(10) Records prepared or received by a bank in the ordinary course of business, which would be needed to recon. struct a demand deposit account and

8 103.35

Title 31-Monoy and Financa: Treasury

to trace a check in excess of $100 de. posited in such account through its domestic processing system

or to supply a description of & deposited check in excess of $100. This subpara. graph shall be applicable only with respect to demand deposits.

(11) A record containing the name, address. and taxpayer identification number, il available, of the purchaser of each certificate of deposit, as well as a description of the instrument. a notation of the method of payment, and the date of the transaction.

(12) A record containing the name. address and laxpayer identification number, if available, of any person presenting a certificate of deposit for payment, as well as a description of the instrument and the date of the transaction. (38 FR 2175, Jan. 22. 1973, as amended at 38 FR 3509, Feb. 7, 1973; 43 ER 21672. May 19. 1978)

8 103.35 Additional records to be made

and retained by brokers and dealers in

securities. (aX1) With respect 10 cach broker. age 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 within 45 days froin the date such account is opened, 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 ac. count. In the event that a broker or dealer has been unable to secure the identification required within the 45. day period specified, it shall nevertheless not be deemed to be in violation of this section if: (1) It has made a reasonable effort to secure such identification, and (ii) it maintains a list con. taining the namės, adresses, and account numbers of those persons from whom it has been unable to secure such identification, and makes the names, addresses, and account nuinbers of those persons available to the Secretary as directed by him.

(2) The 45-day period provided for in paragraph (ax(1) of this section shall be extended where the person opening the account has applied for a taxpayer identification or social security number on Form SS-4 or SS-5, until such time as the person maintaining the account has had a reasonable op. portunity to secure such number and furnish it to the broker or dealer.

(3) A taxpayer identification number for a deposit or share account required under paragraph (a)(1) of this section need not be secured in the following instances: (1) Accounts for public funds, opened by agencies and instrumentalities of Federal, State, local, or foreign governments, (ii) accounts for aliens who are la) ambassadors, minislers, carcer diplomatic or consular of. ficers, or (b) naval, military or other attaches of foreign cmbassies, and legations, and for the members of their inimediate families, (iii) accounts for aliens who are accredited representatives to international organizations which are entitled to enjoy privileges, exemptions. and iminunities as an in. ternational organization under the International Organizations Immunities Act of December 29, 1945 (22 U.S.C. sec. 288), and for the members of their immediate families. (iv) aliens temporarily residing in the United States for a period not to excecd 180 days, (v) aliens not engaged in a trade or busiress in the United States who are atcruing a rccognized college or universi:8 or any training program, supersised or conducted by any agency of the Federal Government, and (vi) un. incorporated subordinate units of a tax exempt central organization which rre coiered by a group exemption iptter.

b) Every broker or dealer in securi. lics 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 cach customer's account:

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 reinittance or Transfer of funds. or of currency.

(2)

Chaptor I-Monetary Offices, Dept. of the Treas.

§ 103.43

$ 103.37 Person outside the l'nited 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 uliose address is known by the person making the remittance or transfer, to be outside the United States, shall be deemed to be a reinitlance 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 domestir financial institution involv. 1116 ilie: alle out of a l'ustomer of such inisialtilioni who're address is within approximately 50 miles of the location of the institution, or who is known to be Irmporarily outside the United States.

Subport D-General Provisions

checks, other monetary instruments, investment securities, or credit, or more than $10,000 to a person, account, or place, outside the United Stales;

(4) A record of each receipt of currency, other monelars' instruments. checks, or investment securities and of each transfer of funds or crcdit. 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.

137 PR 26518. Dec. 12 1973. :LS amended it! 38 FR 2176, Jar.. 22, 19731

$ 103.11 Dollars als including foreign cure

rency. Wherever in this part an amount is stated in dollars, it shall be deerned to mean also the equi:alent amount in any foreign currency.

$ 103.36 Yature ro! records and retention

period. (a) Wherever it is required that there be retained either the original or a microfilm or other copy or reproducLion of a check, draft. monetary ini. strument,' investment' security. or other similar instrument, there shall be retained a copy of both front and back of each such instrument or docilment, except that no copy need be reCained 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 respeci to which records are required to be retained by this subpart, then such a record shall be prepared in writing by the financial insti: tution.

(c) Records which are required by $103.34(b)(10) to be retained by banks shall be retained for a period of 2 years. All other records which are re. quired by this subpart to be retained by financial institutions shail be re. tained for a period of 5 years. All such records shall be filed or stored in such & way as to be accessible within a reasonable period of time, iaking into consideration the nature of the record. and the ainount of liine expired since the record was made.

$ 103.42 Photographic or other reproduc.

tions of (overnment 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.

§ 103.13 Availability of information.

The Secretary may make any information set forth in any report received pursuani to this part available to any olher department or agency of the United States upon the request of the hrad of sucli Jepartment or agency, made in writing and stating the partic. ular information desired, the criminal, tax or regulatory investigation or proceeding in conneciion with which the iriformation is sought and the official need tlierefor. Any information made avaliable under this section to other

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