Browse Arkansas Code titles and sections
12 U.S.C. § 1953 — Recordkeeping and procedures
Federal law — U.S. Code and appendices · legal_authorities
**(a) Regulations** 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—
(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), any records or evidence of any type which the Secretary is authorized under [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim) 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) extends to any financial institution (as defined in [section 5312(a)(2) of title 31](https://uscode.house.gov/view.xhtml?req=gr
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1953
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: a79b1390c47992e3e6c286e28cb98882e58233b47810a1bd0a0df1b6e57beb22. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_1249b8fe4b7421e5987df5d8
Source file: Laws/federal/codes/united-states-code/title-12/section-1953-recordkeeping-and-procedures--658c155e33.md
Pages: Not recorded – Not recorded
Passage SHA-256: e979efc7d2a067d6331576dbebddef4e2d21be07c3c88fe4c528b8510ee61f69
Source location: Title 12, Chapter 21, § 1953; chapter-021-financial-recordkeeping.md
Stored source content
**(a) Regulations** 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—
(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), any records or evidence of any type which the Secretary is authorized under [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim) 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) extends to any financial institution (as defined in [section 5312(a)(2) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5312/a/2&num=0&edition=prelim)), other than any insured bank (as defined in [section 1813(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/h&num=0&edition=prelim)) and any insured institution (as defined in section 1724(a) 11 See References in Text note below. of this title), and any partner, officer, director, or employee of any such financial institution.
**(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) in electronic or automated form, subject to terms and conditions established by the Secretary.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Congressional findings and declaration of purpose**
(1) **Findings** — Congress finds that—
(A) adequate records maintained by insured depository institutions have a high degree of usefulness in criminal, tax, and 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 domestic and international terrorism; and
(B) microfilm or other reproductions and other records made by insured depository institutions of checks, as well as records kept by such institutions, of the identity of persons maintaining or authorized to act with respect to accounts therein, have been of particular value in proceedings described in subparagraph (A).
(2) **Purpose** — It is the purpose of this section to require the maintenance of appropriate types of records by insured depository institutions in the United States where such records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, recognizing 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.
**(b) Recordkeeping regulations**
(1) **In general** — Where the Secretary of the Treasury (referred to in this section as the “Secretary”) determines that the maintenance of appropriate types of records and other evidence by insured d
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1829b
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress finds that certain records maintained by businesses engaged in the functions described in [section 1953(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953/b&num=0&edition=prelim) have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in [section 1952 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1952&num=0&edition=prelim) may be necessary for the same purpose.
**(b)** It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1951
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Representations of deposit insurance**
(1) **Insured depository institutions**
(A) *In general* — Each insured depository institution shall display at each place of business maintained by that institution a sign or signs relating to the insurance of the deposits of the institution, in accordance with regulations to be prescribed by the Corporation.
(B) *Statement to be included* — Each sign required under subparagraph (A) shall include a statement that insured deposits are backed by the full faith and credit of the United States Government.
(2) **Regulations** — The Corporation shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph (1) and the manner of display or use of such signs.
(3) **Penalties** — For each day that an insured depository institution continues to violate paragraph (1) or any regulation issued under paragraph (2), it shall be subject to a penalty of not more than $100, which the Corporation may recover for its use.
(4) **False advertising, misuse of FDIC names, and misrepresentation to indicate insured status**
(A) *Prohibition on false advertising and misuse of FDIC names* — No person may represent or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Corporation, if such deposit liability, obligation, certificate, or share is not insured or guaranteed by the Corporation—
(i) by using the terms “Federal Deposit”, “Federal Deposit Insurance”, “Federal Deposit Insurance Corporation”, any combination of such terms, or the abbreviation “FDIC” as part of the business name or firm name of any person, including any corporation, partnership, business trust, association, or other business entity; or
(ii)
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1828
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Affiliate** — The term “affiliate” has the meaning given the term in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim).
(2) **Driver’s license** — The term “driver’s license” means a license issued by a State to an individual that authorizes the individual to operate a motor vehicle on public streets, roads, or highways.
(3) **Federal bank secrecy laws** — The term “Federal bank secrecy laws” means—
(A) [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim);
(B) [section 1953 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953&num=0&edition=prelim); and
(C) subchapter II of chapter 53 of title 31.
(4) **Financial institution** — The term “financial institution” means—
(A) an insured depository institution;
(B) an insured credit union; or
(C) any affiliate of an insured depository institution or insured credit union.
(5) **Financial product or service** — The term “financial product or service” has the meaning given the term in [section 5481 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5481&num=0&edition=prelim).
(6) **Insured credit union** — The term “insured credit union” has the meaning given the term in [section 1752 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim).
(7) **Insured depository institution** — The term “insured depository institution” has the meaning given the term in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1829c
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) A domestic financial institution or nonfinancial trade or business, and a partner, director, officer, or employee of a domestic financial institution or nonfinancial trade or business, willfully violating this subchapter or a regulation prescribed or order issued under this subchapter (except sections 5314, 5315, and 5336 of this title or a regulation prescribed under sections 5314, 5315, and 5336), or willfully violating a regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508, is liable to the United States Government for a civil penalty of not more than the greater of the amount (not to exceed $100,000) involved in the transaction (if any) or $25,000. For a violation of [section 5318(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5318/a/2&num=0&edition=prelim) or a regulation prescribed under section 5318(a)(2), a separate violation occurs for each day the violation continues and at each office, branch, or place of business at which a violation occurs or continues.
(2) The Secretary of the Treasury may impose an additional civil penalty on a person not filing a report, or filing a report containing a material omission or misstatement, under [section 5316 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5316&num=0&edition=prelim) or a regulation prescribed under section 5316. A civil penalty under this paragraph may not be more than the amount of the monetary instrument for which the report was required. A civil penalty under this paragraph is reduced by an amount forfeited under [section 5317(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5317/b&num=0&edition=p
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5321
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a)** A person willfully violating this subchapter or a regulation prescribed or order issued under this subchapter (except section 5315, 5324, or 5336 of this title or a regulation prescribed under section 5315, 5324, or 5336), or willfully violating a regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508, shall be fined not more than $250,000, or imprisoned for not more than five years, or both.
**(b)** A person willfully violating this subchapter or a regulation prescribed or order issued under this subchapter (except section 5315, 5324, or 5336 of this title or a regulation prescribed under section 5315, 5324, or 5336), or willfully violating a regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508, while violating another law of the United States or as part of a pattern of any illegal activity involving more than $100,000 in a 12-month period, shall be fined not more than $500,000, imprisoned for not more than 10 years, or both.
**(c)** For a violation of [section 5318(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5318/a/2&num=0&edition=prelim) or a regulation prescribed under section 5318(a)(2), a separate violation occurs for each day the violation continues and at each office, branch, or place of business at which a violation occurs or continues.
**(d)** A financial institution or agency that violates any provision of subsection (i) or (j) of section 5318, or any special measures imposed under section 5318A, or any regulation prescribed under subsection (i) or (j) of section 5318 or section 5318A, shall be fined in an amount equal to not less than 2 times the amount of the transaction, but not
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5322
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Domestic Coin and Currency Transactions Involving Financial Institutions.—** No person shall, for the purpose of evading the reporting requirements of section 5313(a) or 5325 or any regulation prescribed under any such section, the reporting or recordkeeping requirements imposed by any order issued under section 5326, or the recordkeeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508—
(1) cause or attempt to cause a domestic financial institution to fail to file a report required under section 5313(a) or 5325 or any regulation prescribed under any such section, to file a report or to maintain a record required by an order issued under section 5326, or to maintain a record required pursuant to any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508;
(2) cause or attempt to cause a domestic financial institution to file a report required under section 5313(a) or 5325 or any regulation prescribed under any such section, to file a report or to maintain a record required by any order issued under section 5326, or to maintain a record required pursuant to any regulation prescribed under section 5326, or to maintain a record required pursuant to any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508, that contains a material omission or misstatement of fact; or
(3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.
**(b) Domestic Coin and Currency Transactions Involving Nonfinancial Trades or Businesses.—** No person shall, for the purpose of evading the re
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5324
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1273
TITLE 12—BANKS AND BANKING
§ 1953
Sec.
1952.
Reports on ownership and control.
1953.
Recordkeeping and procedures.
1954.
Injunctions.
1955.
Civil penalties.
1956.
Criminal penalty.
1957.
Additional criminal penalty in certain cases.
1958.
Compliance.
1959.
Administrative procedure.
1960.
Safe harbor with respect to keep open direc-
tives.
§ 1951. Congressional findings and declaration of
purpose
(a) The Congress finds that certain records
maintained by businesses engaged in the func-
tions described in section 1953(b) of this title
have a high degree of usefulness in criminal,
tax, and regulatory investigations and pro-
ceedings. The Congress further finds that the
power to require reports of changes in the own-
ership, control, and managements of types of fi-
nancial institutions referred to in section 1952 of
this title may be necessary for the same pur-
pose.
(b) It is the purpose of this chapter to require
the maintenance of appropriate types of records
and the making of appropriate reports by such
businesses in the United States where such
records or reports have a high degree of useful-
ness in criminal, tax, or regulatory investiga-
tions or proceedings.
(Pub. L. 91–508, title I, § 121, Oct. 26, 1970, 84 Stat.
1116.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 91–508, title IV, § 401(a), (b), Oct. 26, 1970, 84
Stat. 1125, provided that:
‘‘(a) Except as otherwise provided in this section, ti-
tles I, II, and III of this Act and the amendments made
thereby [enacting this chapter and sections 1730d and
1829b of this title and section 1051 et seq. of former
Title 31, Money and Finance, amending section 78g of
Title 15, Commerce and Trade, and enacting provisions
set out as notes under section 78g
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1953
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.