12 U.S.C. § 1953 : US Code - Section 1953: Recordkeeping and procedures

Search 12 U.S.C. § 1953 : US Code - Section 1953: Recordkeeping and procedures

(a) Regulations
If the Secretary determines that the maintenance of appropriate
records and procedures by any uninsured bank or uninsured
institution, or any person engaging in the business of carrying on
in the United States any of the functions referred to in subsection
(b) of this section, has a high degree of usefulness in criminal,
tax, or regulatory investigations or proceedings, and that, given
the threat posed to the security of the Nation on and after the
terrorist attacks against the United States on September 11, 2001,
such records may also have a high degree of usefulness in the
conduct of intelligence or counterintelligence activities,
including analysis, to protect against international terrorism, he
may by regulation require such bank, institution, or person -
(1) to require, retain, or maintain, with respect to its
functions as an uninsured bank or uninsured institution or its
functions referred to in subsection (b) of this section, any
records or evidence of any type which the Secretary is authorized
under section 1829b of this title to require insured banks to
require, retain, or maintain; and
(2) to maintain procedures to assure compliance with
requirements imposed under this chapter. For the purposes of any
civil or criminal penalty, a separate violation of any
requirement under this paragraph occurs with respect to each day
and each separate office, branch, or place of business in which
the violation occurs or continues.
(b) Institutions subject to recordkeeping requirements
The authority of the Secretary of the Treasury under subsection
(a) of this section extends to any financial institution (as
defined in section 5312(a)(2) of title 31), other than any insured
bank (as defined in section 1813(h) of this title) and any insured
institution (as defined in section 1724(a) (!1) of this title), and
any partner, officer, director, or employee of any such financial
institution.
(c) Acceptance of automated records
The Secretary shall permit an uninsured bank or financial
institution to retain or maintain records referred to in subsection
(a) of this section in electronic or automated form, subject to
terms and conditions established by the Secretary.