U.S Code last checked for updates: Jul 24, 2024
§ 1953.
Recordkeeping and procedures
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), 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—
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), 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
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.
Institutions subject to recordkeeping requirements
Acceptance of automated records
(Pub. L. 91–508, title I, § 123, Oct. 26, 1970, 84 Stat. 1116; Pub. L. 100–690, title VI, § 6185(d)(3)(A), Nov. 18, 1988, 102 Stat. 4357; Pub. L. 103–325, title III, § 310, Sept. 23, 1994, 108 Stat. 2221; Pub. L. 107–56, title III, § 358(e), Oct. 26, 2001, 115 Stat. 327; Pub. L. 108–458, title VI, § 6202(k), Dec. 17, 2004, 118 Stat. 3746.)
cite as: 12 USC 1953