NoSSN - 31 CFR 103.34

31 CFR 103.34
Additional records to be made and retained by banks
January 1, 2002

[Code of Federal Regulations]
[Title 31, Volume 1]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR103.34]

[Page 347-349]

TITLE 31--MONEY AND FINANCE: TREASURY

CHAPTER I--MONETARY OFFICES,
DEPARTMENT OF THE TREASURY

PART 103--FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS--Table of Contents

Subpart C--Records Required To Be Maintained

Sec. 103.34 Additional records to be made and retained by banks.

(a)(1) With respect to each certificate of deposit sold or redeemed
after May 31, 1978, or each deposit or share account opened with a bank
after June 30, 1972, a bank shall, within 30 days from the date such 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 certificate is in the names of two or more persons, the
bank shall secure the taxpayer identification number of a person having
a financial interest in the certificate or account. In the event that a
bank has been unable to secure, within

[[Page 348]]

the 30-day period specified, the required identification, it shall
nevertheless not be deemed to be in violation of this section if (i) it
has made a reasonable effort to secure such identification, and (ii) it
maintains a list containing the names, addresses, and account numbers of
those persons from whom it has been unable to secure such
identification, and makes the names, addresses, and account numbers of
those persons available to the Secretary as directed by him. A bank
acting as an agent for another person in the purchase or redemption of a
certificate of deposit issued by another bank is responsible for
obtaining and recording the required taxpayer identification, as well as
for maintaining the records referred to in paragraphs (b) (11) and (12)
of this section. The issuing bank can satisfy the recordkeeping
requirement by recording the name and address of the agent together with
a description of the instrument and the date of the transaction. Where a
person is a non-resident alien, the bank shall also record the person's
passport number or a description of some other government document used
to verify his identity.
(2) The 30-day period provided for in paragraph (a)(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 opportunity to secure such number and furnish it to the
bank.
(3) A taxpayer identification number required under paragraph (a)(1)
of this section need not be secured for accounts or transactions with
the following: (i) Agencies and instrumentalities of Federal, state,
local or foreign governments; (ii) judges, public officials, or clerks
of courts of record as custodians of funds in controversy or under the
control of the court; (iii) aliens who are (A) ambassadors, ministers,
career diplomatic or consular officers, or (B) naval, military or other
attaches of foreign embassies and legations, and for the members of
their immediate families; (iv) aliens who are accredited representatives
of international organizations which are entitled to enjoy privileges,
exemptions and immunities as an international organization under the
International Organization Immunities Act of December 29, 1945 (22
U.S.C. 288), and the members of their immediate families; (v) aliens
temporarily residing in the United States for a period not to exceed 180
days; (vi) aliens not engaged in a trade or business in the United
States who are attending a recognized college or university or any
training program, supervised or conducted by any agency of the Federal
Government; (vii) unincorporated subordinate units of a tax exempt
central organization which are covered by a group exemption letter,
(viii) a person under 18 years of age with respect to an account opened
as a part of a school thrift savings program, provided the annual
interest is less than $10; (ix) a person opening a Christmas club,
vacation club and similar installment savings programs provided the
annual interest is less than $10; and (x) non-resident aliens who are
not engaged in a trade or business in the United States. In instances
described in paragraphs (a)(3), (viii) and (ix) of this section, the
bank shall, within 15 days following the end of any calendar year in
which the interest accrued in that year is $10 or more use its best
effort to secure and maintain the appropriate taxpayer identification
number or application form therefor.
(4) The rules and regulations issued by the Internal Revenue Service
under section 6109 of the Internal Revenue Code of 1954 shall determine
what constitutes a taxpayer identification number and whose number shall
be obtained in the case of an account maintained by one or more persons.
(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, including any notations, if such are normally made, of
specific identifying information verifying the identity of the signer
(such as a driver's license number or credit card number);
(2) Each statement, ledger card or other record on each deposit or
share

[[Page 349]]

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 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 calendar year or on each
occasion on which such checks are issued, and which are (i) dividend
checks, (ii) payroll checks, (iii) employee benefit checks, (iv)
insurance claim checks, (v) medical benefit checks, (vi) checks drawn on
government 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 in excess of $100 (other than bank charges or periodic
charges made pursuant to agreement with the customer), comprising a
debit to a customer's deposit or share account, not required to be kept,
and not specifically exempted, under paragraph (b)(3) of this section;
(5) Each item, including checks, drafts, or transfers of credit, of
more than $10,000 remitted or transferred to a person, account or place
outside the 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 which the domestic bank has paid or
presented to a nonbank drawee for payment;
(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 bank, broker or
dealer in foreign exchange outside the United States;
(9) A record of each receipt of currency, other monetary
instruments, investment securities or checks, and of each transfer of
funds or credit, of more than $10,000 received on any one occasion
directly and not through a domestic financial institution, from a bank,
broker or dealer in foreign exchange 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 transaction account
and to trace a check in excess of $100 deposited in such account through
its domestic processing system or to supply a description of a deposited
check in excess of $100. This subparagraph shall be applicable only with
respect to demand deposits.
(11) A record containing the name, address, and taxpayer
identification number, if 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 taxpayer
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.
(13) Each deposit slip or credit ticket reflecting a transaction in
excess of $100 or the equivalent record for direct deposit or other wire
transfer deposit transactions. The slip or ticket shall record the
amount of any currency involved.

(Approved by the Office of Management and Budget under control number
1505-0063)

[38 FR 2175, Jan. 22, 1973, as amended at 38 FR 3509, Feb. 7, 1973; 43
FR 21672, May 19, 1978; 52 FR 11444, Apr. 8, 1987]

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