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(a) Domestic and
international funds transfers by insured depository institutions.
The Board and the Treasury are authorized to promulgate jointly
recordkeeping and reporting requirements for domestic and
international funds transfers by insured depository institutions
whenever the agencies determine that the maintenance of such records
has a high degree of usefulness in criminal, tax, or regulatory
investigations or proceedings. These regulations are codified at 31
CFR 103.33(e). For the purposes of this subpart, the provisions of 31
CFR 103.33(e) apply only to funds transfers by insured depository
institutions.
(b) International transmittals of funds by financial institutions
other than insured depository institutions. The Board and the
Treasury are required to promulgate jointly reporting and
recordkeeping requirements for international transmittals of funds by
financial institutions, including brokers and dealers in securities
and businesses that provide money transmitting services. In
prescribing these requirements, the Board and the Treasury take into
account the usefulness of these records in criminal, tax, or
regulatory investigations or proceedings and the effect the
recordkeeping will have on the cost and efficiency of the payment
system. These regulations are codified at 31 CFR 103.33(f). For the
purposes of this subpart, the provisions of 31 CFR 103.33(f) apply
only to international transmittals of funds.
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