Page:United States Statutes at Large Volume 84 Part 1.djvu/1173

 84 STAT. ]

PUBLIC LAW 91-508-OCT. 26, 1970

1115

" (2) I t IS the purpose of this section to require the maintenance of appropriate types of records by insured banks in the United States where such records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. "(b) 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 banks has a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, he shall prescribe regulations to carry out the purposes of this section. "(c) Each insured bank shall maintain such records and other evidence, in such form as the Secretary shall require, of the identity of each person having an account in the United States with the bank and of each individual authorized to sign checks, make withdrawals, or otherwise act with respect to any such account. The Secretary may Exemptions. make such exemptions from any requirement otherwise imposed under this subsection as are consistent with the purposes of this section. " (d) Each insured bank shall make, to the extent that the regulations of the Secretary so require— "(1) a microfilm or other reproduction of each check, draft, or similar instrument drawn on it and presented to it for payment; and "(2) a record of each check, draft, or similar instrument received by it for deposit or collection, together with an identification of the party for whose account it is to be deposited or collected, unless the bank has already made a record of the party's identity pursuant to subsection (c). " (e) Whenever any individual engages (whether as principal, agent, or bailee) in any transaction with an insured bank which is required to be reported or recorded under the Currency and I'oreign Transactions Reporting Act, the bank shall require and retain such evidence ^"^t, p. i n s. of the identity of that individual as the Secretary may prescribe as appropriate under the circumstances. "(f) In addition to or in lieu of the records and evidence otherwise referred to in this section, each insured bank shall maintain such records and evidence as the Secretary may prescribe to carry out the purposes of this section. "(g) Any type of record or evidence required under this section shall be retained for such period as the Secretary may prescribe for the type in question. Any period so prescribed shall not exceed six 3^ears unless the Secretary determines, having regard for the purposes of this section, that a longer period is necessary in the case of a particular type of record or evidence. " (h) The Secretary shall include in his annual report to the Con- Report to congress information on his implementation of the authority conferred ^'•®^^* by this section and any similar authority with respect to recordkeeping or reporting requirements conferred by other provisions of law."

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