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Can you summarize 31 CFR 1010.415?
Records Required To Be Maintained > Purchases of bank checks and drafts, cashier's checks, money orders and traveler's checks.
Short Summary
This regulation, found in the Code of Federal Regulations under the Money and Finance: Treasury section, pertains to financial institutions and their issuance or sale of bank checks and drafts, cashier’s checks, money orders, and traveler’s checks. The regulation states that no financial institution can issue or sell these instruments for $3,000 or more in currency without maintaining records of certain information. If the purchaser has a deposit account with the financial institution, the institution must obtain and record the purchaser’s name, date of purchase, type(s) of instrument(s) purchased, serial number(s) of the instrument(s) purchased, and the amount in dollars of each instrument. Additionally, the financial institution must verify the individual’s identity or deposit accountholder status. If the purchaser does not have a deposit account, the institution must obtain and record the purchaser’s name, address, social security number (or alien identification number), date of birth, type(s) of instrument(s) purchased, serial number(s) of the instrument(s) purchased, and the amount in dollars of each instrument. The financial institution must also verify the purchaser’s name and address. Contemporaneous purchases of the same or different types of instruments totaling $3,000 or more are treated as one purchase, as are multiple purchases during one business day if an authorized individual has knowledge of these purchases. The records required to be kept must be retained for five years and made available to the Secretary upon request at any time.
Whom does it apply to?
Financial institutions
What does it govern?
Purchases of bank checks and drafts, cashier's checks, money orders and traveler's checks
What are exemptions?
No exemptions are mentioned
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government