Law mandating storing of emails
These laws and regulations will provide guidance on how to develop policies and procedures to ensure the effectiveness and continuity of your records management program.[Table of Contents] [Previous Page] [Next Page] [Search] PART 1020 RULE FOR BANKS Subpart F Definitions § 1020.100 Definitions. 1010.100 of this Chapter for general definitions not noted herein.The Secretary will make these determinations for any bank or type of account that is not subject to the authority of a Federal functional regulator. Nothing in this section relieves a bank of its obligation to comply with any other provision in this chapter, including provisions concerning information that must be obtained, verified, or maintained in connection with any account or transaction.Subpart C Reports Required To Be Made By Banks § 1020.300 General.(A limitation on the exemption described in this paragraph (a) is set forth in paragraph (f) of this section.) (b) Exempt person.For purposes of this section, an exempt person is: (1) A bank, to the extent of such bank's domestic operations; (2) A department or agency of the United States, of any State, or of any political subdivision of any State; (3) Any entity established under the laws of the United States, of any State, or of any political subdivision of any State, or under an interstate compact between two or more States, that exercises governmental authority on behalf of the United States or any such State or political subdivision; (4) Any entity, other than a bank, whose common stock or analogous equity interests are listed on the New York Stock Exchange or the American Stock Exchange or whose common stock or analogous equity interests have been designated as a NASDAQ National Market Security listed on the NASDAQ Stock Market (except stock or interests listed under the separate ``NASDAQ Capital Markets Companies'' heading), provided that, for purposes of this paragraph (b)(4), a person that is a financial institution, other than a bank, is an exempt person only to the extent of its domestic operations; (5) Any subsidiary, other than a bank, of any entity described in paragraph (b)(4) of this section (a ``listed entity'') that is organized under the laws of the United States or of any State and at least 51 percent of whose common stock or analogous equity interest is owned by the listed entity, provided that, for purposes of this paragraph (b)(5), a person that is a financial institution, other than a bank, is an exempt person only to the extent of its domestic operations; (6) To the extent of its domestic operations and only with respect to transactions conducted through its exemptible accounts, any other commercial enterprise (for purposes of this section, a ``non-listed business''), other than an enterprise specified in paragraph (e)(8) of this section, that: (i) Maintains a transaction account, as defined in paragraph (e)(9) of this section, at the bank for at least two months, except as provided in paragraph (c)(2)(ii) of this section; (ii) Frequently engages in transactions in currency with the bank in excess of ,000; and (iii) Is incorporated or organized under the laws of the United States or a State, or is registered as and eligible to do business within the United States or a State; or (7) With respect solely to withdrawals for payroll purposes from existing exemptible accounts, any other person (for purposes of this section, a ``payroll customer'') that: (i) Maintains a transaction account, as defined in paragraph (e)(9) of this section, at the bank for at least two months, except as provided in paragraph (c)(2)(ii) of this section; (ii) Operates a firm that frequently withdraws more than ,000 in order to pay its United States employees in currency; and (iii) Is incorporated or organized under the laws of the United States or a State, or is registered as and eligible to do business within the United States or a State.
If a bank is required to have an anti-money laundering compliance program under the regulations implementing 31 U. (B) Exception for persons applying for a taxpayer identification number.(2) Account does not include: (i) A product or service where a formal banking relationship is not established with a person, such as check-cashing, wire transfer, or sale of a check or money order; (ii) An account that the bank acquires through an acquisition, merger, purchase of assets, or assumption of liabilities; or (iii) An account opened for the purpose of participating in an employee benefit plan established under the Employee Retirement Income Security Act of 1974. 1010.100(d), that is subject to regulation by a Federal functional regulator; and (2) A credit union, private bank, and trust company, as set forth in Sec. 1020.220: (1) Customer means: (i) A person that opens a new account; and (ii) An individual who opens a new account for: (A) An individual who lacks legal capacity, such as a minor; or (B) An entity that is not a legal person, such as a civic club. § 1020.210 Anti-money laundering program requirements for financial institutions regulated only by a Federal functional regulator, including banks, savings associations, and credit unions. 5318(h)(1) if the financial institution implements and maintains an anti-money laundering program that: (a) Complies with the requirements of §§ 1010.6.620 of this chapter; (b) Includes, at a minimum: (1) A system of internal controls to assure ongoing compliance; (2) Independent testing for compliance to be conducted by bank personnel or by an outside party; (3) Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance; (4) Training for appropriate personnel; and (5) Appropriate risk-based procedures for conducting ongoing customer due diligence, to include, but not be limited to: (i) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and (ii) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. The procedures must enable the bank to form a reasonable belief that it knows the true identity of each customer.1010.100(d) of this Chapter, that does not have a Federal functional regulator. (2) Customer does not include: (i) A financial institution regulated by a Federal functional regulator or a bank regulated by a State bank regulator; (ii) A person described in Sec. 5312(a)(2) or (c)(1) that is subject to regulation by a Federal functional regulator or a self-regulatory organization. 1020.220, financial institution is defined at 31 U. A financial institution regulated by a Federal functional regulator that is not subject to the regulations of a self-regulatory organization shall be deemed to satisfy the requirements of 31 U. For purposes of this paragraph (b)(5)(ii), customer information shall include information regarding the beneficial owners of legal entity customers (as defined in § 1010.230 of this chapter); and (c) Complies with the regulation of its Federal functional regulator governing such programs. These procedures must be based on the bank's assessment of the relevant risks, including those presented by the various types of accounts maintained by the bank, the various methods of opening accounts provided by the bank, the various types of identifying information available, and the bank's size, location, and customer base.1020.315(b)(2) through (b)(4); or (iii) A person that has an existing account with the bank, provided that the bank has a reasonable belief that it knows the true identity of the person. § 1020.220 Customer Identification Programs for banks, savings associations, credit unions, and certain non-Federally regulated banks. At a minimum, these procedures must contain the elements described in this paragraph (a)(2). The CIP must contain procedures for opening an account that specify the identifying information that will be obtained from each customer.(d) Financial institution means: (1) For the purposes of Sec. (a) Customer Identification Program: minimum requirements--(1) In general. Except as permitted by paragraphs (a)(2)(i)(B) and (C) of this section, the bank must obtain, at a minimum, the following information from the customer prior to opening an account: (1) Name; (2) Date of birth, for an individual; (3) Address, which shall be: (i) For an individual, a residential or business street address; (ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual; or (iii) For a person other than an individual (such as a corporation, partnership, or trust), a principal place of business, local office, or other physical location; and (4) Identification number, which shall be: (i) For a U. person, a taxpayer identification number; or (ii) For a non-U. person, one or more of the following: A taxpayer identification number; passport number and country of issuance; alien identification card number; or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.