§ 1953. — Recordkeeping and procedures.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1953]
TITLE 12--BANKS AND BANKING
CHAPTER 21--FINANCIAL RECORDKEEPING
Sec. 1953. Recordkeeping and procedures
(a) Regulations
If the Secretary determines that the maintenance of appropriate
records and procedures by any uninsured bank or uninsured institution,
or any person engaging in the business of carrying on in the United
States any of the functions referred to in subsection (b) of this
section, has a high degree of usefulness in criminal, tax, or regulatory
investigations or proceedings, and that, given the threat posed to the
security of the Nation on and after the terrorist attacks against the
United States on September 11, 2001, such records may also have a high
degree of usefulness in the conduct of intelligence or
counterintelligence activities, including analysis, to protect against
international terrorism, he may by regulation require such bank,
institution, or person.
(b) Institutions subject to recordkeeping requirements
The authority of the Secretary of the Treasury under subsection (a)
of this section extends to any financial institution (as defined in
section 5312(a)(2) of title 31), other than any insured bank (as defined
in section 1813(h) of this title) and any insured institution (as
defined in section 1724(a) \1\ of this title), and any partner, officer,
director, or employee of any such financial institution.
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\1\ See References in Text note below.
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(c) Acceptance of automated records
The Secretary shall permit an uninsured bank or financial
institution to retain or maintain records referred to in subsection (a)
of this section in electronic or automated form, subject to terms and
conditions established by the Secretary.
(Pub. L. 91-508, title I, Sec. 123, Oct. 26, 1970, 84 Stat. 1116; Pub.
L. 100-690, title VI, Sec. 6185(d)(3)(A), Nov. 18, 1988, 102 Stat. 4357;
Pub. L. 103-325, title III, Sec. 310, Sept. 23, 1994, 108 Stat. 2221;
Pub. L. 107-56, title III, Sec. 358(e), Oct. 26, 2001, 115 Stat. 327.)
References in Text
Section 1724 of this title, referred to in subsec. (b), was repealed
by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.
Amendments
2001--Subsec. (a). Pub. L. 107-56 amended subsec. (a) generally.
Prior to amendment, subsec. (a) read as follows: ``Where the Secretary
determines that the maintenance of appropriate records and procedures by
any uninsured bank or uninsured institution, or any person engaging in
the business of carrying on in the United States any of the functions
referred to in subsection (b) of this section, has a high degree of
usefulness in criminal, tax, or regulatory investigations or
proceedings, he may by regulation require such bank, institution, or
person--
``(1) to require, retain, or maintain, with respect to its
functions as an uninsured bank or uninsured institution or its
functions referred to in subsection (b) of this section, any records
or evidence of any type which the Secretary is authorized under
section 1829b of this title to require insured banks to require,
retain, or maintain; and
``(2) to maintain procedures to assure compliance with
requirements imposed under this chapter. For the purposes of any
civil or criminal penalty, a separate violation of any requirement
under this paragraph occurs with respect to each day and each
separate office, branch, or place of business in which the violation
occurs or continues.''
1994--Subsec. (c). Pub. L. 103-325 added subsec. (c).
1988--Subsec. (b). Pub. L. 100-690 amended subsec. (b) generally.
Prior to amendment, subsec. (b) read as follows: ``The authority of the
Secretary under this section extends to any person engaging in the
business of carrying on any of the following functions:
``(1) Issuing or redeeming checks, money orders, travelers'
checks, or similar instruments, except as an incident to the conduct
of its own nonfinancial business.
``(2) Transferring funds or credits domestically or
internationally.
``(3) Operating a currency exchange or otherwise dealing in
foreign currencies or credits.
``(4) Operating a credit card system.
``(5) Performing such similar, related, or substitute functions
for any of the foregoing or for banking as may be specified by the
Secretary in regulations.''
Effective and Termination Dates of 2001 Amendment
Amendments by title III of Pub. L. 107-56 to terminate effective on
and after the first day of fiscal year 2005 if Congress enacts a joint
resolution that such amendments no longer have the force of law, see
section 303 of Pub. L. 107-56, set out as a Four-Year Congressional
Review; Expedited Consideration note under section 5311 of Title 31,
Money and Finance.
Amendment by Pub. L. 107-56 applicable with respect to reports filed
or records maintained on, before, or after Oct. 26, 2001, see section
358(h) of Pub. L. 107-56, set out as a note under section 1829b of this
title.
Section Referred to in Other Sections
This section is referred to in section 1951 of this title; title 31
sections 5321, 5322, 5324.
