(a) In General.— No financial institution may issue or sell a bank check, cashier’s check, traveler’s check, or money order to any individual in connection with a transaction or group of such contemporaneous transactions which involves United States coins or currency (or such other monetary instruments as the Secretary may prescribe) in amounts or denominations of $3,000 or more unless—
(1)the individual has a transaction account with such financial institution and the financial institution—
(A)verifies that fact through a signature card or other information maintained by such institution in connection with the account of such individual; and
(B)records the method of verification in accordance with regulations which the Secretary of the Treasury shall prescribe; or
(2)the individual furnishes the financial institution with such forms of identification as the Secretary of the Treasury may require in regulations which the Secretary shall prescribe and the financial institution verifies and records such information in accordance with regulations which such Secretary shall prescribe.
(b) Report to Secretary Upon Request.— Any information required to be recorded by any financial institution under paragraph (1) or (2) of subsection (a) shall be reported by such institution to the Secretary of the Treasury at the request of such Secretary.
(c) Transaction Account Defined.— For purposes of this section, the term “transaction account” has the meaning given to such term in section 19(b)(1)(C) of the Federal Reserve Act.
Section 19(b)(1)(C) of the Federal Reserve Act, referred to in subsec. (c), is classified to section
461(b)(1)(C) of Title
12, Banks and Banking.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.