31 U.S. Code § 5325 - Identification required to purchase certain monetary instruments

(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.

Source

(Added Pub. L. 100–690, title VI, § 6185(b),Nov. 18, 1988, 102 Stat. 4355.)
References in Text

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.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


12 CFR - Banks and Banking

12 CFR Part 326 - MINIMUM SECURITY DEVICES AND PROCEDURES AND BANK SECRECY ACT 1 COMPLIANCE

17 CFR - Commodity and Securities Exchanges

17 CFR Part 42 - ANTI-MONEY LAUNDERING, TERRORIST FINANCING

31 CFR - Money and Finance: Treasury

31 CFR Part 42

31 CFR Part 103 - FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS

31 CFR Part 1010 - GENERAL PROVISIONS

31 CFR Part 1012

31 CFR Part 1020 - RULE FOR BANKS

31 CFR Part 1021 - RULES FOR CASINOS AND CARD CLUBS

31 CFR Part 1022 - RULES FOR MONEY SERVICES BUSINESSES

31 CFR Part 1023 - RULES FOR BROKERS OR DEALERS IN SECURITIES

31 CFR Part 1024 - RULES FOR MUTUAL FUNDS

31 CFR Part 1025 - RULES FOR INSURANCE COMPANIES

31 CFR Part 1026 1027

31 CFR Part 1028 - RULES FOR OPERATORS OF CREDIT CARD SYSTEMS

31 CFR Part 1029 - 1099 [Reserved]

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.