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Can you summarize 31 CFR 1010.410?
Records Required To Be Maintained > Records to be made and retained by financial institutions.
Short Summary
This legal document, found in the Code of Federal Regulations, pertains to the records that financial institutions are required to make and retain. The document specifies the types of records that must be retained, including records of extensions of credit, advice or instructions regarding transactions involving the transfer of currency or other monetary instruments, and information related to transmittal orders for funds. The document also outlines the specific information that must be included in these records, such as names, addresses, amounts, and dates. Additionally, the document includes provisions for nonbank financial institutions and requirements for verifying the identity of transmittors and recipients. The document does not specify any penalties for non-compliance. Overall, this document sets out the obligations of financial institutions regarding recordkeeping in order to comply with relevant regulations.
Whom does it apply to?
Financial institutions
What does it govern?
Records Required To Be Maintained
What are exemptions?
Transmittals of funds where the transmittor and the recipient are certain specified entities
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government