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Can you summarize 31 CFR 1010.430?
Records Required To Be Maintained > Nature of records and retention period.
Short Summary
This document, part of the Code of Federal Regulations, specifically the Regulations Relating to Money and Finance, pertains to the Financial Crimes Enforcement Network (FinCEN) under the Department of the Treasury. It outlines the requirements for retaining records in the financial industry. Financial institutions are required to retain copies of both the front and back of checks, drafts, monetary instruments, investment securities, and similar instruments or documents, except for blank or standardized printed information. If no record is made in the ordinary course of business, a written record must be prepared. The Internal Revenue Service’s rules and regulations determine taxpayer identification numbers for accounts maintained by individuals or multiple persons. All records required by this chapter must be retained for five years, and records or reports under a specific order must be retained for the specified period, not exceeding five years. The records should be filed or stored in a way that allows for reasonable accessibility based on the nature of the record and the time elapsed since its creation.
Whom does it apply to?
Financial institutions
What does it govern?
Records Required To Be Maintained
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government