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Federal Register / Vol. 86, No. 149 / Friday, August 6, 2021 / Notices
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including a record of the actual owner of the account if customer accounts are maintained in a code name; 5 each item, including checks, drafts, and 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 receipt of currency, other monetary instruments, investment securities and 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 any person, account, or place outside the United States; 7 records prepared or received by the dealer in foreign exchange in the ordinary course of business that would be needed to reconstruct an account and trace a check in excess of $100 deposited in such an account through its internal recordkeeping system to its depository institution, or to supply a description of such a deposited check; 8 a record of the name, address and taxpayer identification number of any person presenting a certificate of deposit for payment, as well as a description of the instrument and the date of the transaction; and 9 a system of books and records that enables the dealer in foreign exchange to prepare an accurate balance sheet and income statement. To the extent that these records include originals or copies of checks, drafts, monetary instruments, investment securities, or other similar instruments, copies of front and back of such instruments must generally be retained.
3 The required records must be maintained for five years.
b. 31 CFR 1023.410Additional Records To Be Made and Retained by Brokers or Dealers in Securities Until October 1, 2003, 31 CFR
1023.410a required a broker or dealer in securities to make a record of certain information. Until October 1, 2008, a broker or dealer in securities was required to maintain all such records, as well as a list containing the names, addresses, and account or credit line numbers of those persons from whom it had been unable to secure the required information despite reasonable efforts.
The customer identification program requirement for brokers or dealers in securities has effectively superseded these requirements.
Under 31 CFR 1023.410b, a broker or dealer in securities must retain an original or copy of: 1 Each document granting signature or trading authority over each customers account; 2 a record of each remittance or transfer of funds, currency, checks, other monetary instruments, investment securities, or
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credit, of more than $10,000 to a person, account, or place outside the United States; 3 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 on any one occasion, not through a domestic financial institution, from any person, account, or place outside the United States; and 4 each record described in paragraphs 1, 2, 3, 5, 6, 7, 8, and 9 of 17 CFR
240.17a3a, covering records to be made by certain exchange members, brokers and dealers as identified in 17
CFR 240.17a3. To the extent that these records include originals or copies of checks, drafts, monetary instruments, investment securities, or other similar instruments, copies of front and back of such instruments must generally be retained. The required records must be maintained for five years.
Form: Not applicable.
Affected Public: Businesses or other for-profit institutions; Not-for-profit institutions.
Estimated Number of Respondents:
923 for 15060052; 3640 for 15060053.
Frequency of Response: As required.
Estimated Time per Response: 16
hours for 15060052; 100 hours for 15060053.
Estimated Total Annual Burden Hours: 14,768 for 15060052; 364,000
for 15060053.
3. Title: Purchases of bank checks and drafts, cashiers checks, money orders, and travelers checks.
OMB Control Number: 15060057.
Type of Review: Extension without change of a currently approved collection.
Description: The legislative framework generally referred to as the Bank Secrecy Act BSA consists of the Currency and Financial Transactions Reporting Act of 1970, as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 USA PATRIOT
Act Pub. L. 10756 and other legislation. The BSA is codified at 12
U.S.C. 1829b, 12 U.S.C. 19511959, 31
U.S.C. 53115314 and 53165332, and notes thereto, with implementing regulations at 31 CFR Chapter X.
The BSA authorizes the Secretary of the Treasury, inter alia, to require financial institutions to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters, or in the conduct of intelligence or counter-intelligence activities, to protect against international terrorism, and to implement anti-money laundering AML programs and compliance
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procedures. Regulations implementing Title II of the BSA appear at 31 CFR
Chapter X.
The BSA prohibits financial institutions from issuing any bank check, cashiers check, travelers check, or money order to any individual in connection with a transaction or group of such contemporaneous transactions which involves United States coins or currency or such other monetary instruments as the Secretary may prescribe in amounts or denominations of $3,000 or more unless the individual either has a verified transaction account with the financial institution or furnishes the financial institution with the information required by regulations and that information is verified and recorded by the financial institution;
financial institutions must record the method of account verification or the information required to be furnished. To implement these requirements, FinCEN
issued a regulation requiring financial institutions to maintain records of the issuance or sale of bank checks and drafts, cashiers checks, money orders, and travelers checks. The regulation on its face applies to all financial institutions as defined in 31 CFR
1010.100t. However, as a practical matter banks and money services businesses MSBs are the types of financial institutions most likely to be issuing or selling bank checks and drafts, cashiers checks, money orders, and travelers checks.
Under 31 CFR 1010.415, financial institutions are required to maintain records of certain information related to the issuance or sale of bank checks and drafts, cashiers checks, money orders, and travelers checks when the issuance or sale involves currency between $3,000$10,000, inclusive, to any individual purchaser of one or more of these instruments. Under 31 CFR
1010.415a1i, if the purchaser has a deposit account with the financial institution, the financial institution is required to maintain records of: A The name of the purchaser; B the date of purchase; C the types of instruments purchased; D the serial numbers of each of the instruments purchased; and E the amount in dollars of each of the instruments purchased. Under 31 CFR
1010.415a1ii, the financial institution must also verify that the individual is a deposit accountholder or must verify the individuals identity.
Under 31 CFR 1010.415a2i, if the purchaser does not have a deposit account with the financial institution, the financial institution must maintain a record of: A The name and address of the purchaser; B the social security
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