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Can you summarize 31 CFR 1020.410?
Records Required To Be Maintained By Banks > Records to be made and retained by banks.
Short Summary
This legal document, governed by the Code of Federal Regulations, requires each agent, agency, branch, or office located within the United States of a bank to maintain certain records. These requirements apply to funds transfers in the amount of $3,000 or more. The document specifies the information that banks must obtain and retain for each payment order, depending on whether they are acting as an originator’s bank, intermediary bank, or beneficiary’s bank. It also outlines additional recordkeeping requirements for payment orders from originators and beneficiaries who are not established customers. The document further provides guidelines for the retrievability of information and the verification of individuals’ identities. Certain exemptions are mentioned, including specific entities and cases where the originator and beneficiary are the same person and the banks involved are the same. No specific penalties are mentioned in this document.
Whom does it apply to?
Each agent, agency, branch, or office located within the United States of a bank
What does it govern?
Records Required To Be Maintained By Banks
What are exemptions?
Funds transfers where the originator and beneficiary are certain entities, and funds transfers where both the originator and the beneficiary are the same person and the originator's bank and the beneficiary's bank are the same bank.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
U.S. Federal Government