NoSSN - 31 CFR 103.28

31 CFR 103.28
Financial Institutions - Identification Required
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: 31CFR103.28]

[Page 340]

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 B--Reports Required To Be Made

Sec. 103.28 Identification required.

Before concluding any transaction with respect to which a report is
required under Sec. 103.22, a financial institution shall verify and
record the name and address of the individual presenting a transaction,
as well as record the identity, account number, and the social security
or taxpayer identification number, if any, of any person or entity on
whose behalf such transaction is to be effected. Verification of the
identity of an individual who indicates that he or she 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 (e.g., a Provincial driver's license with indication of
home address). Verification of identity in any other case shall be made
by examination of a document, other than a bank signature card, that is
normally acceptable within the banking community as a means of
identification when cashing checks for nondepositors (e.g., a drivers
license or credit card). A bank signature card may be relied upon only
if it was issued after documents establishing the identity of the
individual were examined and notation of the specific information was
made on the signature card. In each instance, the specific identifying
information (i.e., the account number of the credit card, the driver's
license number, etc.) used in verifying the identity of the customer
shall be recorded on the report, and the mere notation of ``known
customer'' or ``bank signature card on file'' on the report is
prohibited.

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

[52 FR 11443, Apr. 8, 1987; 52 FR 12641, Apr. 17, 1987, as amended at 54
FR 3027, Jan. 23, 1989. Redesignated at 54 FR 33678, Aug. 16, 1989; 59
FR 61662, Dec. 1, 1994]

"Only the rare taxpayer would be likely to know that he could refuse to produce his records to IRS agents ... Who would believe the ironic truth that
the cooperative taxpayer fares much worse than the individual who relies upon his constitutional rights." -- U.S. Federal Judge Cummings, in U.S. v. Dickerson (7th Circuit 1969)

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