Law mandating storing of emails
(2) Account does not include: (i) A product or service where a formal banking relationship is not established with a person, such as check-cashing, wire transfer, or sale of a check or money order; (ii) An account that the bank acquires through an acquisition, merger, purchase of assets, or assumption of liabilities; or (iii) An account opened for the purpose of participating in an employee benefit plan established under the Employee Retirement Income Security Act of 1974. 1010.100(d), that is subject to regulation by a Federal functional regulator; and (2) A credit union, private bank, and trust company, as set forth in Sec. 1020.220: (1) Customer means: (i) A person that opens a new account; and (ii) An individual who opens a new account for: (A) An individual who lacks legal capacity, such as a minor; or (B) An entity that is not a legal person, such as a civic club. § 1020.210 Anti-money laundering program requirements for financial institutions regulated only by a Federal functional regulator, including banks, savings associations, and credit unions. 5318(h)(1) if the financial institution implements and maintains an anti-money laundering program that: (a) Complies with the requirements of §§ 1010.6.620 of this chapter; (b) Includes, at a minimum: (1) A system of internal controls to assure ongoing compliance; (2) Independent testing for compliance to be conducted by bank personnel or by an outside party; (3) Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance; (4) Training for appropriate personnel; and (5) Appropriate risk-based procedures for conducting ongoing customer due diligence, to include, but not be limited to: (i) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and (ii) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. The procedures must enable the bank to form a reasonable belief that it knows the true identity of each customer.1010.100(d) of this Chapter, that does not have a Federal functional regulator. (2) Customer does not include: (i) A financial institution regulated by a Federal functional regulator or a bank regulated by a State bank regulator; (ii) A person described in Sec. 5312(a)(2) or (c)(1) that is subject to regulation by a Federal functional regulator or a self-regulatory organization. 1020.220, financial institution is defined at 31 U. A financial institution regulated by a Federal functional regulator that is not subject to the regulations of a self-regulatory organization shall be deemed to satisfy the requirements of 31 U. For purposes of this paragraph (b)(5)(ii), customer information shall include information regarding the beneficial owners of legal entity customers (as defined in § 1010.230 of this chapter); and (c) Complies with the regulation of its Federal functional regulator governing such programs. These procedures must be based on the bank's assessment of the relevant risks, including those presented by the various types of accounts maintained by the bank, the various methods of opening accounts provided by the bank, the various types of identifying information available, and the bank's size, location, and customer base.What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. 5318(h) and is regulated by a Federal functional regulator; and (iii) The other financial institution enters into a contract requiring it to certify annually to the bank that it has implemented its anti-money laundering program, and that it will perform (or its agent will perform) the specified requirements of the bank's CIP. The appropriate Federal functional regulator, with the concurrence of the Secretary, may, by order or regulation, exempt any bank or type of account from the requirements of this section.
The procedures must require the bank to make such a determination within a reasonable period of time after the account is opened, or earlier, if required by another Federal law or regulation or Federal directive issued in connection with the applicable list.Unless otherwise indicated, for purposes of this Part: (a) Account. 1020.220: (1) Account means a formal banking relationship established to provide or engage in services, dealings, or other financial transactions including a deposit account, a transaction or asset account, a credit account, or other extension of credit. Banks are subject to the program requirements set forth and cross referenced in this subpart. 1786(q)(1), then the CIP must be a part of the anti-money laundering compliance program.Account also includes a relationship established to provide a safety deposit box or other safekeeping services, or cash management, custodian, and trust services. 1020.220, means: (1) A bank, as that term is defined in Sec. Banks should also refer to Subpart B of Part 1010 of this Chapter for program requirements contained in that subpart which apply to banks. Until such time as credit unions, private banks, and trust companies without a Federal functional regulator are subject to such a program, their CIPs must be approved by their boards of directors. The CIP must include risk- based procedures for verifying the identity of each customer to the extent reasonable and practicable.The procedures must also require the bank to follow all Federal directives issued in connection with such lists. The CIP must include procedures for providing bank customers with adequate notice that the bank is requesting information to verify their identities. Notice is adequate if the bank generally describes the identification requirements of this section and provides the notice in a manner reasonably designed to ensure that a customer is able to view the notice, or is otherwise given notice, before opening an account.For example, depending upon the manner in which the account is opened, a bank may post a notice in the lobby or on its Web site, include the notice on its account applications, or use any other form of written or oral notice. If appropriate, a bank may use the following sample language to provide notice to its customers: Important Information About Procedures for Opening a New Account To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.