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Can you summarize 31 CFR 1010.312?
Reports Required To Be Made > Identification required.
Short Summary
This document, part of the Code of Federal Regulations, specifically falls under the regulations relating to money and finance issued by the Financial Crimes Enforcement Network (FinCEN), which is a part of the Department of the Treasury. The document states that before conducting any transaction that requires a report under specific sections of this chapter, a financial institution must verify and record the name, address, identity, account number, and social security or taxpayer identification number (if applicable) of the individual presenting the transaction. Additionally, the financial institution must also record the same information for any person or entity on whose behalf the transaction is being conducted. The document provides guidelines for verifying the identity of individuals who claim to be aliens or non-residents of the United States, as well as for verifying the identity of individuals in other cases. It specifies that a bank signature card can only be relied upon if it was issued after verifying the individual’s identity and making a notation of the specific information on the card. The document prohibits the mere notation of ‘known customer’ or ‘bank signature card on file’ on the report. The specific identifying information used in verifying the customer’s identity must be recorded on the report. The document does not mention any specific penalties for non-compliance or violations.
Whom does it apply to?
Financial institutions
What does it govern?
Reports Required To Be Made
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government