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Can you summarize 12 USC 1829b?
FEDERAL DEPOSIT INSURANCE CORPORATION > Retention of records by insured depository institutions
Short Summary
This section of the United States Code governs the retention of records by insured depository institutions. It requires insured depository institutions in the United States, as well as businesses that provide check cashing services, money transmitting businesses, and businesses that issue or redeem money orders, travelers checks or other similar instruments, to maintain appropriate types of records. These records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. The Secretary of the Treasury, in consultation with the Board of Governors of the Federal Reserve System, is responsible for prescribing regulations to carry out the purposes of this section. The regulations may require the maintenance of records related to domestic and international funds transfers, identity of persons having accounts, reproduction of checks and other instruments, identity of persons making reportable currency and foreign transactions, and additional records as deemed necessary. Insured depository institutions must retain the required records for a period prescribed by the Secretary, not exceeding six years unless a longer period is determined necessary. The Secretary is also required to report to Congress on the implementation of this section. Violations of the regulations may result in civil penalties of up to $10,000.
Whom does it apply to?
Insured depository institutions in the United States, businesses that provide check cashing services, money transmitting businesses, and businesses that issue or redeem money orders, travelers checks or other similar instruments
What does it govern?
Retention of records by insured depository institutions
What are exemptions?
Exemptions may be made by the Secretary and the Board if consistent with the purposes of this section
What are the Penalties?
Civil penalties of up to $10,000 may be imposed on insured depository institutions, directors, officers, or employees who willfully or through gross negligence violate the regulations prescribed under subsection (b)
Jurisdiction
U.S. Federal Government