12 USC 1953 - Recordkeeping and procedures

1 See References in Text note below.

of this title), and any partner, officer, director, or employee of any such financial institution.

Editorial Notes

References in Text

Section 1724 of this title, referred to in subsec. (span), was repealed by Puspan. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363.

Amendments

2004—Subsec. (a). Puspan. L. 108–458 made technical correction to Puspan. L. 107–56. See 2001 Amendment note below.

2001—Subsec. (a). Puspan. L. 107–56, as amended by Puspan. L. 108–458, amended introductory provisions generally. Prior to amendment, introductory provisions 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 (span) 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—”.

1994—Subsec. (c). Puspan. L. 103–325 added subsec. (c).

1988—Subsec. (span). Puspan. L. 100–690 amended subsec. (span) generally. Prior to amendment, subsec. (span) 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.”

Statutory Notes and Related Subsidiaries

Effective Date of 2004 Amendment

Amendment by Puspan. L. 108–458 effective as if included in Puspan. L. 107–56, as of the date of enactment of such Act, and no amendment made by Puspan. L. 107–56 that is inconsistent with such amendment to be deemed to have taken effect, see section 6205 of Puspan. L. 108–458, set out as a note under section 1828 of this title.

Effective Date of 2001 Amendment

Amendment by Puspan. L. 107–56 applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Puspan. L. 107–56, set out as a note under section 1829span of this title.

Effective Date

Section effective on first day of seventh calendar month which begins after Oct. 26, 1970, except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such regulations in the Federal Register and not later than first day of thirteenth calendar month which begins after Oct. 26, 1970, see section 401(a), (span) of Puspan. L. 91–508, set out as a note under section 1951 of this title.