(a) Domestic and international funds transfers by insured depository
institutions. The Board and the Treasury are authorized to promulgate
jointly recordkeeping and reporting requirements for domestic and
international funds transfers by insured depository institutions whenever
the agencies determine that the maintenance of such records has a
high degree of usefulness in criminal, tax, or regulatory investigations
or proceedings. These regulations are codified at 31 CFR 1020.410(a).
For the purposes of this subpart, the provisions of 31 CFR 1020.410(a)
apply only to funds transfers by insured depository institutions.
(b) International transmittals
of funds by financial institutions other than insured depository institutions. The Board and the Treasury are required to promulgate jointly reporting
and recordkeeping requirements for international transmittals of funds
by financial institutions, including brokers and dealers in securities
and businesses that provide money-transmitting services. In prescribing
these requirements, the Board and the Treasury take into account the
usefulness of these records in criminal, tax, or regulatory investigations
or proceedings and the effect the recordkeeping will have on the cost
and efficiency of the payment system. These regulations are codified
at 31 CFR 1010.410(e). For the purposes of this subpart, the provisions
of 31 CFR 1010.410(e) apply only to international transmittals of
funds.
