---
kind: "section"
citation: "31 C.F.R. § 1020.100"
title: "31"
number: "1020.100"
heading: "Definitions."
url: "https://uscodex.org/cfr/31/1020.100"
---

# §1020.100. Definitions.


Refer to [§ 1010.100](/cfr/31/1010.100.md) of this Chapter for general definitions not noted herein. To the extent there is a differing definition in [§ 1010.100](/cfr/31/1010.100.md) of this chapter, the definition in this Section is what applies to [part 1020](/cfr/31/part1020.md). Unless otherwise indicated, for purposes of this part:

- (a) **Account.** For purposes of [§ 1020.220](/cfr/31/1020.220.md):
  - (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. Account also includes a relationship established to provide a safety deposit box or other safekeeping services, or cash management, custodian, and trust services.
  - (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.
- (b) **Customer.** For the purposes of [§ 1020.220](/cfr/31/1020.220.md):
  - (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.**
  - (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 [§ 1020.315(b)(2) through (b)(4)](/cfr/31/1020.315.md?p=b-2..b-4); or
    - (iii) 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

[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