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12 USC Section 1953

Empowers the US Department of the Treasury to impose recordkeeping and compliance requirements on certain non-insured financial institutions to support law enforcement, regulatory oversight, and national security objectives.

Rule Overview

Jurisdiction: United States

Regulator: US Dept. of Treasury

Topic: Recordkeeping

12 USC Section 1953
Overview
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Further Reading
  • This statute authorizes the Secretary of the Treasury to require certain uninsured financial institutions and related businesses to keep records and maintain compliance procedures when those records would be useful for criminal, tax, regulatory, intelligence, or counterterrorism purposes.
  • The required records may be similar to those the Treasury can require of insured banks.
  • Each day a violation continues, and each location where it occurs, may be treated as a separate violation for penalty purposes.
  • Records may be kept electronically, subject to Treasury rules.

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Further Reading

FFIEC, BSA/AML Examination Manual Go to https://bsaaml.ffiec.gov/manual