31 CFR 1022.410 Additional records to be made and retained by dealers in foreign exchange (MSB part)
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Financial Crimes Enforc. Network, Treas. § 1022.410
(G) The year in which the agent first Subpart D—Records Required To
became an agent of the money services Be Maintained By Money
business; and Services Businesses
(H) The number of branches or sub-
agents the agent has. § 1022.400 General.
(ii) Special rules. Information about Money services businesses are subject
agent volume must be current within to the recordkeeping requirements set
45 days of the due date of the agent forth and cross referenced in this sub-
list. The information described by part. Money services businesses should
paragraphs (d)(2)(i)(G) and (d)(2)(i)(H) also refer to subpart D of Part 1010 of
of this section is not required to be in- this chapter for recordkeeping require-
cluded in an agent list with respect to ments contained in that subpart which
any person that is an agent of the apply to money services businesses.
money services business maintaining
the list before the first day of the § 1022.410 Additional records to be
month beginning after February 16, made and retained by dealers in
2000 so long as the information de- foreign exchange.
scribed by paragraphs (d)(2)(i)(G) and (a)(1) After July 7, 1987, each dealer
(d)(2)(i)(H) of this section is made in foreign exchange shall secure and
available upon the request of FinCEN maintain a record of the taxpayer iden-
and any other appropriate law enforce- tification number of each person for
ment agency (including, without limi- whom a transaction account is opened
tation, the examination function of the or a line of credit is extended within 30
Internal Revenue Service in its capac- days after such account is opened or
ity as delegee of Bank Secrecy Act ex- credit line extended. Where a person is
amination authority). a non-resident alien, the dealer in for-
(e) Consequences of failing to comply eign exchange shall also record the per-
with 31 U.S.C. 5330 or the regulations son’s passport number or a description
thereunder. It is unlawful to do business of some other government document
without complying with 31 U.S.C. 5330 used to verify his identity. Where the
and this section. A failure to comply account or credit line is in the names
with the requirements of 31 U.S.C. 5330 of two or more persons, the dealer in
or this section includes the filing of foreign exchange shall secure the tax-
false or materially incomplete infor- payer identification number of a person
mation in connection with the reg- having a financial interest in the ac-
istration of a money services business. count or credit line. In the event that
Any person who fails to comply with a dealer in foreign exchange has been
unable to secure the identification re-
any requirement of 31 U.S.C. 5330 or
quired within the 30-day period speci-
this section shall be liable for a civil
fied, it shall nevertheless not be
penalty of $5,000 for each violation.
deemed to be in violation of this sec-
Each day a violation of 31 U.S.C. 5330
tion if:
or this section continues constitutes a
(i) It has made a reasonable effort to
separate violation. In addition, under
secure such identification, and
31 U.S.C. 5320, the Secretary of the
(ii) It maintains a list containing the
Treasury may bring a civil action to
names, addresses, and account or credit
enjoin the violation. See 18 U.S.C. 1960
line numbers of those persons from
for a criminal penalty for failure to
whom it has been unable to secure such
comply with the registration require-
identification, and makes the names,
ments of 31 U.S.C. 5330 or this section.
addresses, and account or credit line
(f) Applicability date. This section is numbers of those persons available to
applicable as of September 20, 1999. the Secretary as directed by him.
Registration of money services busi- (2) The 30-day period provided for in
nesses under this section will not be re- paragraph (a)(1) of this section shall be
quired prior to December 31, 2001. extended where the person opening the
skersey on DSK4WB1RN3PROD with CFR
[75 FR 65812, Oct. 26, 2010, as amended at 76 account or credit line has applied for a
FR 43597, July 21, 2011; 76 FR 45420, July 29, taxpayer identification or social secu-
2011; 81 FR 76865, Nov. 4, 2016] rity number on Form SS–4 or SS–5,
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§ 1022.410 31 CFR Ch. X (7–1–25 Edition)
until such time as the person main- (3) A record of each exchange of cur-
taining the account or credit line has rency involving transactions in excess
had a reasonable opportunity to secure of $1000, including the name and ad-
such number and furnish it to the deal- dress of the customer (and passport
er in foreign exchange. number or taxpayer identification
(3) A taxpayer identification number number unless received by mail or
for an account or credit line required common carrier) date and amount of
under paragraph (a)(1) of this section the transaction and currency name,
need not be secured in the following in- country, and total amount of each for-
stances: eign currency;
(i) Accounts for public funds opened (4) Signature cards or other docu-
by agencies and instrumentalities of ments evidencing signature authority
Federal, state, local or foreign govern- over each deposit or security account,
ments, containing the name of the depositor,
(ii) Accounts for aliens who are— street address, taxpayer identification
(A) Ambassadors, ministers, career number (TIN) or employer identifica-
diplomatic or consular officers, or tion number (EIN) and the signature of
(B) Naval, military or other attaches the depositor or of a person authorized
of foreign embassies, and legations, and to sign on the account (if customer ac-
for members of their immediate fami- counts are maintained in a code name,
lies, a record of the actual owner of the ac-
(iii) Accounts for aliens who are ac- count);
credited representatives to inter- (5) Each item, including checks,
national organizations which are enti- drafts, or transfers of credit, of more
tled to enjoy privileges, exemptions, than $10,000 remitted or transferred to
and immunities as an international or- a person, account or place outside the
ganization under the International Or-
United States;
ganizations Immunities Act of Decem-
(6) A record of each receipt of cur-
ber 29, 1945 (22 U.S.C. 288), and for the
members of their immediate families, rency, other monetary instruments, in-
vestment securities and checks, and of
(iv) Aliens temporarily residing in
each transfer of funds or credit, or
the United States for a period not to
exceed 180 days, more than $10,000 received on any one
occasion directly and not through a do-
(v) Aliens not engaged in a trade or
mestic financial institution, from any
business in the United States who are
attending a recognized college or any person, account or place outside the
training program, supervised or con- United States;
ducted by any agency of the Federal (7) Records prepared or received by a
Government, and dealer in the ordinary course of busi-
(vi) Unincorporated subordinate ness, that would be needed to recon-
units of a tax exempt central organiza- struct an account and trace a check in
tion which are covered by a group ex- excess of $100 deposited in such account
emption letter. through its internal recordkeeping sys-
(b) Each dealer in foreign exchange tem to its depository institution, or to
shall retain either the original or a supply a description of a deposited
microfilm or other copy or reproduc- check in excess of $100;
tion of each of the following: (8) A record maintaining the name,
(1) Statements of accounts from address and taxpayer identification
banks, including paid checks, charges number, if available, of any person pre-
or other debit entry memoranda, de- senting a certificate of deposit for pay-
posit slips and other credit memoranda ment, as well as a description of the in-
representing the entries reflected on strument and date of transaction;
such statements; (9) A system of books and records
(2) Daily work records, including pur- that will enable the dealer in foreign
chase and sales slips or other memo- exchange to prepare an accurate bal-
skersey on DSK4WB1RN3PROD with CFR
randa needed to identify and recon- ance sheet and income statement.
struct currency transactions with cus- (c) This section does not apply to
tomers and foreign banks; banks that offer services in dealing or
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Financial Crimes Enforc. Network, Treas. Pt. 1023
changing currency to their customers Subpart F—Special Standards of
as an adjunct to their regular service. Diligence; Prohibitions; and
[75 FR 65812, Oct. 26, 2010, as amended at 76 Special Measures for Money
FR 43597, July 21, 2011] Services Businesses
§ 1022.420 Additional records to be § 1022.600 General.
maintained by providers and sellers
of prepaid access. Money services businesses are subject
to the special standards of diligence;
With respect to transactions relating prohibitions; and special measures re-
to providers and sellers of prepaid ac- quirements set forth and cross ref-
cess described in § 1010.100(ff)(4) and (7) erenced in this subpart. Money services
that are subject to the requirements of businesses should also refer to subpart
this chapter, each provider of prepaid F of part 1010 of this chapter for special
access shall maintain access to trans- standards of diligence; prohibitions;
actional records for a period of five and special measures contained in that
years. The provider of prepaid access, subpart which apply to money services
as defined in § 1010.100(ff)(4), shall main- businesses.
tain access to transactional records
generated in the ordinary course of §§ 1022.610–1022.670 [Reserved]
business that would be needed to recon-
struct prepaid access activation, loads,
reloads, purchases, withdrawals, trans-
PART 1023—RULES FOR BROKERS
fers, or other prepaid-related trans- OR DEALERS IN SECURITIES
actions.
Subpart A—Definitions
[76 FR 45420, July 29, 2011]
Sec.
1023.100 Definitions.
Subpart E—Special Information
Sharing Procedures To Deter Subpart B—Programs
Money Laundering and Ter- 1023.200 General.
rorist Activity 1023.210 Anti-money laundering program re-
quirements for brokers or dealers in se-
§ 1022.500 General. curities.
Money services businesses are subject 1023.220 Customer identification programs
to the special information sharing pro- for broker-dealers.
cedures to deter money laundering and
Subpart C—Reports Required To Be Made
terrorist activity requirements set
By Brokers or Dealers in Securities
forth and cross referenced in this sub-
part. Money services businesses should 1023.300 General.
also refer to subpart E of part 1010 of 1023.310 Reports of transactions in currency.
this chapter for special information 1023.311 Filing obligations.
sharing procedures to deter money 1023.312 Identification required.
laundering and terrorist activity con- 1023.313 Aggregation.
1023.314 Structured transactions.
tained in that subpart which apply to
1023.315 Exemptions
money services businesses. 1023.320 Reports by brokers or dealers in se-
curities of suspicious transactions.
§ 1022.520 Special information sharing
procedures to deter money laun- Subpart D—Records Required To Be Main-
dering and terrorist activity for
money services businesses. tained By Brokers or Dealers in Securi-
ties
(a) Refer to § 1010.520 of this chapter.
(b) [Reserved] 1023.400 General.
1023.410 Additional records to be made and
§ 1022.530 [Reserved] retained by brokers or dealers in securi-
ties.
§ 1022.540 Voluntary information shar-
Subpart E—Special Information Sharing
skersey on DSK4WB1RN3PROD with CFR
ing among financial institutions.
Procedures To Deter Money Laun-
(a) Refer to § 1010.540 of this chapter.
dering and Terrorist Activity
(b) [Reserved]
1023.500 General.
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