Records to be made and retained by financial institutions (31 CFR 1010.410 and 31 CFR 1022.420)

Each financial institution must retain an original or copy of records related to extensions of credit in excess of $10,000 (other than those secured by real property), and records related to transfers of funds, currency, other monetary instruments, checks, investment securities, or credit of more than $10,000 to or from the United States (31 CFR 1010.410(a)-(d)). Banks and non-bank financial institutions must also maintain records related to, and include certain information as part of, funds transfers or transmittals of funds involving more than $3,000 (31 CFR 1010.410(e)-(f)-(g)). The required records must be maintained for five years (31 CFR 1010.430).

The latest form for Records to be made and retained by financial institutions (31 CFR 1010.410 and 31 CFR 1022.420) expires 2021-02-28 and can be found here.

Records to be made and retained by financial institutions 31 CFR 1010.410(a)-(d)

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