The requirements under 31 CFR § 1010.410 form part of the US Treasury’s implementation of anti-money laundering controls. They apply to banks and other financial institutions, including money services businesses. The rule mandates that institutions retain records of transmittals of funds of $3,000 or more. These records must include originator and beneficiary details and be retrievable by reference to name and account number.

Required Records & Transmittal Information

For each qualifying transmittal order, the transmittor’s financial institution must retain information such as the name, address, amount, execution date, and payment instructions of the sender, as well as identifying details of the recipient and their financial institution. If the sender or recipient is not an established customer, their identity must be verified using government-issued documents. Records must also be kept of any form completed in the course of placing the order.

Intermediary and recipient financial institutions must likewise retain transmittal orders and be able to retrieve them by reference to customer name or account. If funds are delivered in person to recipients who are not established customers, identity verification procedures are required.

Exceptions & Safe Harbour

Certain entities are exempt from these obligations, including US government bodies, banks, broker-dealers, and mutual funds when transferring among themselves. The rule also includes safe harbour provisions for transmittals made through the Fedwire system until full message format upgrades are implemented.

WTR Compliance Integration

31 CFR § 1010.410 establishes a detailed framework for recordkeeping and information sharing on fund transfers, supporting traceability within the US financial system. While the regulation aligns in principle with the transparency goals of FATF Recommendation 16, it does not explicitly reference FATF standards or virtual assets. Integration with broader international standards depends on how this rule is interpreted and enforced across different types of financial institutions, particularly in the context of digital finance.