§1020.100. Definitions.
31 C.F.R. § 1020.100
Refer to § 1010.100 of this Chapter for general definitions not noted herein. To the extent there is a differing definition in § 1010.100 of this chapter, the definition in this Section is what applies to part 1020. Unless otherwise indicated, for purposes of this part:
Account. For purposes of § 1020.220:
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. Account also includes a relationship established to provide a safety deposit box or other safekeeping services, or cash management, custodian, and trust services.
Account— does not include:
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;
An account that the bank acquires through an acquisition, merger, purchase of assets, or assumption of liabilities; or
An account opened for the purpose of participating in an employee benefit plan established under the Employee Retirement Income Security Act of 1974.
Customer. For the purposes of § 1020.220:
Customer— means:
A person that opens a new account; and
An individual who opens a new account for—
An individual who lacks legal capacity, such as a minor; or
An entity that is not a legal person, such as a civic club.
Customer— does not include:
A financial institution regulated by a Federal functional regulator or a bank regulated by a State bank regulator;
A person described in § 1020.315(b)(2) through (b)(4); or
A person that has an existing account with the bank, provided that the bank has a reasonable belief that it knows the true identity of the person.
Notes, amendments, and revision history
Amendments
[75 FR 65812, Oct. 26, 2010, as amended at 85 FR 57137, Sept. 16, 2020
Authority
Authority: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314 and 5316-5332; title III, sec. 314, Pub. L. 107-56, 115 Stat. 307; sec. 701, Pub. L. 114-74, 129 Stat. 599.
Source
Source: 75 FR 65812, Oct. 26, 2010, unless otherwise noted.
Amendments
[75 FR 65812, Oct. 26, 2010, as amended at 85 FR 57137, Sept. 16, 2020