BSA/AML Examiner Training Series 2

31 CFR Chapter X – Financial Crimes Enforcement Network (Continued)

Code

Failure to obtain TIN or keep list of customers with missing TIN Section 1020.410(b)(1) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to make a reasonable effort to obtain taxpayer identification numbers for accounts as required and to keep a list of customers from whom the covered financial institution has been unable to obtain a taxpayer identification number. Failure to maintain account signature authority documents Section 1020.410(c)(1) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to maintain an original or copy of each document granting signature authority over accounts. Failure to maintain record of each transaction on each deposit account Section 1020.410(c)(2) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to maintain an original or copy of each statement, ledger card, or other record on each deposit account showing each transaction made with respect to that account. Failure to maintain each item over $100 charged to a deposit account Section 1020.410(c)(4) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to maintain the original or a copy of each item over $100 charged to a deposit account, unless excepted. Failure to maintain record of each item and transactions over $10M remitted or transferred outside the U.S. Sections 1020.410(c)(5) and (6) of the Treasury Department’s Bank Secrecy Act regulations require a covered financial institution to maintain a copy of each item as well as a record of each transaction of more than $10,000 remitted or transferred outside the U.S. Failure to retain record of check or draft over $10M issued by a foreign financial institution Section 1020.410(c)(7) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to retain a record of each check or draft in an amount in excess of $10,000 drawn on or issued by a foreign financial institution which the covered financial institution has paid. Failure to maintain each item and transaction over $10M received in foreign exchange outside the U.S. Sections 1020.410(c)(8) and (9) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to retain a copy of each item as well as a record of each transaction of more than $10,000 received directly from a financial institution, broker, or dealer in foreign exchange outside the U.S.

67,000

67,001

67,002

67,003

67,004

67,005

67,006

Revised 5/3/2023

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