
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document affected by Public Law 107-56 Section 358(e)]
[CITE: 12USC1953]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 21--FINANCIAL RECORDKEEPING
 
Sec. 1953. Recordkeeping and procedures


(a) Regulations

    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.

(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.)

                       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

    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.''

                  Section Referred to in Other Sections

    This section is referred to in section 1951 of this title.
