31 CFR 1010.410 Records to be made and retained by financial institutions (Recordkeeping Rule (e), Travel Rule (f), $3,000)
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§ 1010.400 31 CFR Ch. X (7–1–25 Edition)
fraudulent beneficial ownership infor- fulness in criminal, tax, or regulatory
mation, including a false or fraudulent investigations or proceedings.
identifying photograph or document, to
FinCEN in accordance with this sec- § 1010.405 [Reserved]
tion, or to willfully fail to report com-
plete or updated beneficial ownership § 1010.410 Records to be made and re-
information to FinCEN in accordance tained by financial institutions.
with this section. For purposes of this Each financial institution shall re-
paragraph (g): tain either the original or a copy or re-
(1) The term ‘‘person’’ includes any production of each of the following:
individual, reporting company, or (a) A record of each extension of
other entity. credit in an amount in excess of $10,000,
(2) The term ‘‘beneficial ownership except an extension of credit secured
information’’ includes any information by an interest in real property, which
provided to FinCEN under this section. record shall contain the name and ad-
(3) A person provides or attempts to dress of the person to whom the exten-
provide beneficial ownership informa- sion of credit is made, the amount
tion to FinCEN if such person does so thereof, the nature or purpose thereof,
directly or indirectly, including by pro- and the date thereof;
viding such information to another (b) A record of each advice, request,
person for purposes of a report or appli- or instruction received or given regard-
cation under this section. ing any transaction resulting (or in-
(4) A person fails to report complete tended to result and later canceled if
or updated beneficial ownership infor- such a record is normally made) in the
mation to FinCEN if, with respect to transfer of currency or other monetary
an entity: instruments, funds, checks, investment
(i) such entity is required, pursuant securities, or credit, of more than
to title 31, United States Code, section $10,000 to or from any person, account,
5336, or its implementing regulations, or place outside the United States.
to report information to FinCEN; (c) A record of each advice, request,
(ii) the reporting company fails to re- or instruction given to another finan-
port such information to FinCEN; and cial institution or other person located
(iii) such person either causes the within or without the United States,
failure, or is a senior officer of the en- regarding a transaction intended to re-
tity at the time of the failure. sult in the transfer of funds, or of cur-
[87 FR 59591, Sept. 30, 2022, as amended at 88 rency, other monetary instruments,
FR 76997, Nov. 8, 2023; 88 FR 83504, Nov. 30, checks, investment securities, or cred-
2023; 89 FR 83783, Oct. 18, 2024; 90 FR 13697, it, of more than $10,000 to a person, ac-
Mar. 26, 2025] count or place outside the United
States.
Subpart D—Records Required To (d) A record of such information for
Be Maintained such period of time as the Secretary
may require in an order issued under
§ 1010.400 General. § 1010.370(a), not to exceed five years.
Each financial institution (as defined (e) Nonbank financial institutions.
in 31 U.S.C. 5312(a)(2) or (c)(1)) should Each agent, agency, branch, or office
refer to its chapter X part for any addi- located within the United States of a
tional recordkeeping requirements. Un- financial institution other than a bank
less otherwise indicated, the record- is subject to the requirements of this
keeping requirements contained in this paragraph (e) with respect to a trans-
subpart D apply to all financial institu- mittal of funds in the amount of $3,000
tions. or more:
(1) Recordkeeping requirements. (i) For
§ 1010.401 Determination by the Sec- each transmittal order that it accepts
retary. as a transmittor’s financial institu-
skersey on DSK4WB1RN3PROD with CFR
The Secretary hereby determines tion, a financial institution shall ob-
that the records required to be kept by tain and retain either the original or a
this chapter have a high degree of use- microfilm, other copy, or electronic
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Financial Crimes Enforc. Network, Treas. § 1010.410
record of the following information re- cepts the transmittal order, the
lating to the transmittal order: transmittor’s financial institution
(A) The name and address of the shall obtain and retain a record of the
transmittor; name and address, the type of identi-
(B) The amount of the transmittal fication reviewed, and the number of
order; the identification document (e.g., driv-
(C) The execution date of the trans- er’s license), as well as a record of the
mittal order; person’s taxpayer identification num-
(D) Any payment instructions re- ber (e.g., social security or employer
ceived from the transmittor with the identification number) or, if none,
transmittal order; alien identification number or passport
(E) The identity of the recipient’s fi- number and country of issuance, or a
nancial institution; notation in the record of the lack
(F) As many of the following items as thereof. If the transmittor’s financial
are received with the transmittal institution has knowledge that the per-
order: 1 son placing the transmittal order is
(1) The name and address of the re- not the transmittor, the transmittor’s
cipient; financial institution shall obtain and
(2) The account number of the recipi- retain a record of the transmittor’s
ent; and taxpayer identification number (e.g.,
(3) Any other specific identifier of the social security or employer identifica-
recipient; and tion number) or, if none, alien identi-
(G) Any form relating to the trans- fication number or passport number
mittal of funds that is completed or and country of issuance, if known by
signed by the person placing the trans- the person placing the order, or a nota-
mittal order. tion in the record of the lack thereof.
(ii) For each transmittal order that (ii) If the transmittal order accepted
it accepts as an intermediary financial by the transmittor’s financial institu-
institution, a financial institution tion is not made in person, the
shall retain either the original or a transmittor’s financial institution
microfilm, other copy, or electronic shall obtain and retain a record of the
record of the transmittal order. name and address of the person placing
(iii) For each transmittal order that the transmittal order, as well as the
it accepts as a recipient’s financial in- person’s taxpayer identification num-
stitution, a financial institution shall ber (e.g., social security or employer
retain either the original or a micro- identification number) or, if none,
film, other copy, or electronic record of alien identification number or passport
the transmittal order. number and country of issuance, or a
(2) Transmittors other than established notation in the record of the lack
customers. In the case of a transmittal thereof, and a copy or record of the
order from a transmittor that is not an method of payment (e.g., check or cred-
established customer, in addition to it card transaction) for the transmittal
obtaining and retaining the informa- of funds. If the transmittor’s financial
tion required in paragraph (e)(1)(i) of institution has knowledge that the per-
this section: son placing the transmittal order is
(i) If the transmittal order is made in not the transmittor, the transmittor’s
person, prior to acceptance the financial institution shall obtain and
transmittor’s financial institution retain a record of the transmittor’s
shall verify the identity of the person taxpayer identification number (e.g.,
placing the transmittal order. If it ac- social security or employer identifica-
tion number) or, if none, alien identi-
1 For transmittals of funds effected fication number or passport number
through the Federal Reserve’s Fedwire funds and country of issuance, if known by
transfer system by a domestic broker or the person placing the order, or a nota-
dealers in securities, only one of the items is
required to be retained, if received with the
tion in the record of the lack thereof.
transmittal order, until such time as the (3) Recipients other than established
skersey on DSK4WB1RN3PROD with CFR
bank that sends the order to the Federal Re- customers. For each transmittal order
serve Bank completes its conversion to the that it accepts as a recipient’s finan-
expanded Fedwire message format. cial institution for a recipient that is
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§ 1010.410 31 CFR Ch. X (7–1–25 Edition)
not an established customer, in addi- erence to the name of the recipient. If
tion to obtaining and retaining the in- the recipient is an established cus-
formation required in paragraph tomer of the recipient’s financial insti-
(e)(1)(iii) of this section: tution and has an account used for
(i) If the proceeds are delivered in transmittals of funds, then the infor-
person to the recipient or its represent- mation also shall be retrievable by ac-
ative or agent, the recipient’s financial count number. This information need
institution shall verify the identity of not be retained in any particular man-
the person receiving the proceeds and ner, so long as the financial institution
shall obtain and retain a record of the is able to retrieve the information re-
name and address, the type of identi- quired by this paragraph, either by ac-
fication reviewed, and the number of cessing transmittal of funds records di-
the identification document (e.g., driv- rectly or through reference to some
er’s license), as well as a record of the other record maintained by the finan-
person’s taxpayer identification num- cial institution.
ber (e.g., social security or employer (5) Verification. Where verification is
identification number) or, if none, required under paragraphs (e)(2) and
alien identification number or passport (e)(3) of this section, a financial insti-
number and country of issuance, or a tution shall verify a person’s identity
notation in the record of the lack by examination of a document (other
thereof. If the recipient’s financial in- than a customer signature card), pref-
stitution has knowledge that the per- erably one that contains the person’s
son receiving the proceeds is not the name, address, and photograph, that is
recipient, the recipient’s financial in- normally acceptable by financial insti-
stitution shall obtain and retain a tutions as a means of identification
record of the recipient’s name and ad- when cashing checks for persons other
dress, as well as the recipient’s tax- than established customers.
payer identification number (e.g., so- Verification of the identity of an indi-
cial security or employer identification vidual who indicates that he or she is
number) or, if none, alien identifica- an alien or is not a resident of the
tion number or passport number and United States may be made by pass-
country of issuance, if known by the port, alien identification card, or other
person receiving the proceeds, or a no- official document evidencing nation-
tation in the record of the lack thereof. ality or residence (e.g., a foreign driv-
(ii) If the proceeds are delivered er’s license with indication of home ad-
other than in person, the recipient’s fi- dress).
nancial institution shall retain a copy (6) Exceptions. The following trans-
of the check or other instrument used mittals of funds are not subject to the
to effect payment, or the information requirements of this section:
contained thereon, as well as the name (i) Transmittals of funds where the
and address of the person to which it transmittor and the recipient are any
was sent. of the following:
(4) Retrievability. The information (A) A bank;
that a transmittor’s financial institu- (B) A wholly-owned domestic sub-
tion must retain under paragraphs sidiary of a bank chartered in the
(e)(1)(i) and (e)(2) of this section shall United States;
be retrievable by the transmittor’s fi- (C) A broker or dealer in securities;
nancial institution by reference to the (D) A wholly-owned domestic sub-
name of the transmittor. If the sidiary of a broker or dealer in securi-
transmittor is an established customer ties;
of the transmittor’s financial institu- (E) A futures commission merchant
tion and has an account used for trans- or an introducing broker in commod-
mittals of funds, then the information ities;
also shall be retrievable by account (F) A wholly-owned domestic sub-
number. The information that a recipi- sidiary of a futures commission mer-
ent’s financial institution must retain chant or an introducing broker in com-
skersey on DSK4WB1RN3PROD with CFR
under paragraphs (e)(1)(iii) and (e)(3) of modities;
this section shall be retrievable by the (G) The United States;
recipient’s financial institution by ref- (H) A state or local government; or
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Financial Crimes Enforc. Network, Treas. § 1010.410
(I) A Federal, State or local govern- (2) A receiving financial institution
ment agency or instrumentality; or that acts as an intermediary financial
(J) A mutual fund; and institution, if it accepts a transmittal
(ii) Transmittals of funds where both order, shall include in a corresponding
the transmittor and the recipient are transmittal order at the time it is sent
the same person and the transmittor’s to the next receiving financial institu-
financial institution and the recipi- tion, the following information, if re-
ent’s financial institution are the same ceived from the sender:
broker or dealer in securities. (i) The name and the account number
(f) Any transmittor’s financial insti- of the transmittor;
tution or intermediary financial insti- (ii) The address of the transmittor,
tution located within the United except for a transmittal order through
States shall include in any transmittal Fedwire until such time as the bank
order for a transmittal of funds in the that sends the order to the Federal Re-
amount of $3,000 or more, information serve Bank completes its conversion to
as required in this paragraph (f): the expanded Fedwire format;
(1) A transmittor’s financial institu- (iii) The amount of the transmittal
tion shall include in a transmittal order;
order, at the time it is sent to a receiv- (iv) The execution date of the trans-
ing financial institution, the following mittal order;
information: (v) The identity of the recipient’s fi-
(i) The name and, if the payment is nancial institution;
ordered from an account, the account (vi) As many of the following items
number of the transmittor; as are received with the transmittal
(ii) The address of the transmittor, order: 3
except for a transmittal order through (A) The name and address of the re-
Fedwire until such time as the bank cipient;
that sends the order to the Federal Re- (B) The account number of the recipi-
serve Bank completes its conversion to ent;
the expanded Fedwire format; (C) Any other specific identifier of
(iii) The amount of the transmittal the recipient; and
order; (vii) Either the name and address or
(iv) The execution date of the trans- numerical identifier of the
mittal order; transmittor’s financial institution.
(v) The identity of the recipient’s fi- (3) Safe harbor for transmittals of funds
nancial institution; prior to conversion to the expanded
(vi) As many of the following items Fedwire message format. The following
as are received with the transmittal provisions apply to transmittals of
order: 2 funds effected through the Federal Re-
(A) The name and address of the re- serve’s Fedwire funds transfer system
cipient; or otherwise by a financial institution
(B) The account number of the recipi- before the bank that sends the order to
ent; the Federal Reserve Bank or otherwise
(C) Any other specific identifier of completes its conversion to the ex-
the recipient; and panded Fedwire message format.
(vii) Either the name and address or (i) Transmittor’s financial institution. A
numerical identifier of the transmittor’s financial institution will
transmittor’s financial institution. be deemed to be in compliance with the
2 For transmittals of funds effected 3 For transmittals of funds effected
through the Federal Reserve’s Fedwire funds through the Federal Reserve’s Fedwire funds
transfer system by a financial institution, transfer system by a financial institution,
only one of the items is required to be in- only one of the items is required to be in-
cluded in the transmittal order, if received cluded in the transmittal order, if received
with the sender’s transmittal order, until with the sender’s transmittal order, until
such time as the bank that sends the order such time as the bank that sends the order
skersey on DSK4WB1RN3PROD with CFR
to the Federal Reserve Bank completes its to the Federal Reserve Bank completes its
conversion to the expanded Fedwire message conversion to the expanded Fedwire message
format. format.
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§ 1010.415 31 CFR Ch. X (7–1–25 Edition)
provisions of paragraph (f)(1) of this nancial institution’s own Bank Secrecy
section if it: Act compliance program.
(A) Includes in the transmittal order, (iii) Obligation of requesting financial
at the time it is sent to the receiving institution. Any information requested
financial institution, the information under paragraph (f)(3)(i)(B) or
specified in paragraphs (f)(1)(iii) (f)(3)(ii)(B) of this section shall be
through (v), and the information speci- treated by the requesting institution,
fied in paragraph (f)(1)(vi) of this sec- once received, as if it had been in-
tion to the extent that such informa- cluded in the transmittal order to
tion has been received by the financial which such information relates.
institution, and (4) Exceptions. The requirements of
(B) Provides the information speci- this paragraph (f) shall not apply to
fied in paragraphs (f)(1)(i), (ii) and (vii) transmittals of funds that are listed in
of this section to a financial institu- paragraph (e)(6) of this section or
tion that acted as an intermediary fi- § 1020.410(a)(6) of this chapter.
nancial institution or recipient’s finan- [75 FR 65812, Oct. 26, 2010, as amended at 81
cial institution in connection with the FR 76864, Nov. 4, 2016]
transmittal order, within a reasonable EFFECTIVE DATE NOTE: At 89 FR 72274,
time after any such financial institu- Sept. 4, 2024, § 1010.410 was amended, effective
tion makes a request therefor in con- Jan. 1, 2026.
nection with the requesting financial
institution’s receipt of a lawful request § 1010.415 Purchases of bank checks
and drafts, cashier’s checks, money
for such information from a Federal, orders and traveler’s checks.
State, or local law enforcement or fi-
nancial regulatory agency, or in con- (a) No financial institution may issue
nection with the requesting financial or sell a bank check or draft, cashier’s
institution’s own Bank Secrecy Act check, money order or traveler’s check
compliance program. for $3,000 or more in currency unless it
(ii) Intermediary financial institution. maintains records of the following in-
An intermediary financial institution formation, which must be obtained for
will be deemed to be in compliance each issuance or sale of one or more of
with the provisions of paragraph (f)(2) these instruments to any individual
of this section if it: purchaser which involves currency in
amounts of $3,000–$10,000 inclusive:
(A) Includes in the transmittal order,
(1) If the purchaser has a deposit ac-
at the time it is sent to the receiving count with the financial institution:
financial institution, the information (i)(A) The name of the purchaser;
specified in paragraphs (f)(2)(iii) (B) The date of purchase;
through (f)(2)(vi) of this section, to the (C) The type(s) of instrument(s) pur-
extent that such information has been chased;
received by the intermediary financial (D) The serial number(s) of each of
institution; and the instrument(s) purchased; and
(B) Provides the information speci- (E) The amount in dollars of each of
fied in paragraphs (f)(2)(i), (ii) and (vii) the instrument(s) purchased.
of this section, to the extent that such (ii) In addition, the financial institu-
information has been received by the tion must verify that the individual is
intermediary financial institution, to a a deposit accountholder or must verify
financial institution that acted as an the individual’s identity. Verification
intermediary financial institution or may be either through a signature card
recipient’s financial institution in con- or other file or record at the financial
nection with the transmittal order, institution provided the deposit
within a reasonable time after any accountholder’s name and address were
such financial institution makes a re- verified previously and that informa-
quest therefor in connection with the tion was recorded on the signature card
requesting financial institution’s re- or other file or record; or by examina-
ceipt of a lawful request for such infor- tion of a document which is normally
skersey on DSK4WB1RN3PROD with CFR
mation from a Federal, State, or local acceptable within the banking commu-
law enforcement or regulatory agency, nity as a means of identification when
or in connection with the requesting fi- cashing checks for nondepositors and
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